'It's business as usual,' Raymond CMD Gautam Singhania assures board, employees amid split with Nawaz Modi – Business Today

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Raymond Ltd CMD Gautam Singhania has allayed fears among the firm’s board of directors and employees as his separation with wife Nawaz Modi could make a dent in his personal fortune.
“I am steadfast to create and deliver value to all our shareholders and ensure the interests of our employees, customers, and other stakeholders,” he said in an email to board, staff, which was accessed by CNBC TV18.
The email comes amid concerns arising from Nawaz Modi making a claim to 75% of the industrialist’s estimated $1.4-billion wealth for their two daughters and herself as part of a family settlement.
“Media is rife with news about matters pertaining to my personal life. Writing to you to say that I have chosen not to comment on the same, maintaining dignity of my family is paramount to me. I remain resolute as CMD and fully committed towards the smooth functioning of the company and its business. Even in these difficult times for me, I assure you that at Raymond, it is business as usual. I am steadfast to create and deliver value to all our shareholders and ensure the interests of our employees, customers, and other stakeholders. We have made significant strides towards growing our businesses exponentially.
“Had our best quarter in history on top of a consistent upswing in performance over the last 9 quarters. Almost doubled our engineering business by entering sunrise sectors of aerospace, defense, electric vehicle components through Maini Precision Products Limited’s (MPPL) acquisition. We have been awarded two marquee real estate projects in our focus market of Mumbai Metropolitan Region,” said the Raymond CMD in the internal mail.
Earlier this month, Gautam Singhania publicly announced the separation from his wife after 24 years of marriage through a post on social media platform X. While the announcement did not delve into the reasons behind the separation, it mentioned the couple’s commitment to pursuing different paths.
Nawaz Modi Singhania, besides being involved in the fitness industry with her chain of fitness centers called Body Art, serves on the board of directors of Raymond Ltd.
Last week, the Nawaz Modi-Gautam Singhania feud took an ugly turn with the latter alleging physical assault and, incidentally, the company’s stock fell nearly 8% to Rs 1,649 for the week ended November 24 as against Rs 1,784 on November 17.
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