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May 06, 2024 10:32 AM IST
Nawaz Modi Singhania was removed from the boards of some group companies- JK Investors (Bombay), Raymond Consumer Care, and Smart Advisory and Finserve.
Gautam Singhania, chairman and managing director of Raymond, said that his personal life has nothing to do with his businesses as he is in the middle of a settlement dispute with estranged wife Nawaz Modi Singhania after announcing their separation in November.
Gautam Singhania is in the middle of a settlement dispute with estranged wife Nawaz Modi Singhania after announcing their separation in November. He told Economic Times, "I am not going to comment on what has happened between us. I am fully focused on my businesses, and look at the results. All the businesses are growing. My personal life is my personal life, I will deal with it. I have two beautiful daughters, and in their interest, I refused to comment. My personal life does not concern anyone in the business space."
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This comes after Nawaz Modi Singhania was removed from the boards of some group companies- JK Investors (Bombay), Raymond Consumer Care, and Smart Advisory and Finserve. On this, Gautam Singhania said that it was due to a "loss of confidence" in her. On her directorship at listed Raymond, Gautam Singhania said it's up to the company's board "which has a good set of independent directors."
Gautam Singhania on Raymond's success
Gautam Singhania said that the ₹10,000-crore Raymond Group is on an upswing as its lifestyle division accounts for the dominant share while the new real estate business shows promise.
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He told ET, “Our group businesses are growing fast. We have rebuilt the organisation and have strong governing boards. In the last 36 months, we have had new inductees on the board. Each of our businesses have CEOs and once scalable, will be spun off into SBUs (strategic business units).”
He added, “In Breach Candy (south Mumbai) alone, I am bidding for projects worth ₹5,000 crore - my bids have gone in. Lagi toh lagi, nahi lagi toh nahi lagi. Mumbai was built 60-80 years ago. What was the best of the best then, is a slum now. The value of Sophia College Lane (where Singhania's JK House is located) redevelopment could go up to $2 billion.”
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Praising PM Narendra Modi for boosting the country's growth, Gautam Singhania said, "We are the third-largest economy. What Modiji has done is phenomenal."
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