Raymond is conducting business as usual Says Gautam Singhania

By Consultants Review Team Monday, 27 November 2023

New Delhi: Gautam Hari Singhania, chairman and managing director of Raymond Ltd, has assured his staff and board members of the company's "smooth functioning" in the midst of his public feud with his estranged wife Nawaz Modi.

"As the media is ripe with news about matters pertaining to my personal life, I am writing to you to say that I have chosen not to comment on the same as maintaining the dignity of my family is paramount to me," Singhania wrote in an internal message to his employees last week. However, as Chairman and Managing Director, I remain steadfast in my commitment to the seamless operation of the company and its activities. Even though these are terrible times for me, I promise you that business at Raymond continues as usual."

The exchange follows Singhania's public battle with his wife, Nawaz Modi, who has accused the Raymond scion of domestic assault. As part of a settlement, Modi is reportedly seeking 75% of Singhania's $1.4 billion fortune.

Raymond is a diverse group having a strong position in the textile and garment industries, as well as a foothold in consumer care, real estate, and engineering in both domestic and foreign markets.

"As you are all aware, we have made significant strides in exponentially growing our businesses over the last few months and have had our best quarter in history on top of a consistent upswing in performance over the last 9 quarters." We just nearly quadrupled our engineering business by entering the emerging industries of aerospace, defense, and electric vehicle components through the acquisition of MPPL, and we were also granted two landmark real estate projects in our key market of the Mumbai Metropolitan Region. "I am committed to creating and delivering value to all of our shareholders while also protecting the interests of our employees, customers, and other stakeholders," Singhania stated.

Singhania announced his divorce from his wife earlier this month, claiming the two had opted to pursue different paths. Raymond's stock dropped 4.4% on Wednesday, its worst decrease since October 25. They slipped 1.4% to 1,647 on Friday. Today is Guru Nanak Jayanti, and the markets are closed.


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