Vijaypat Singhania, an 85-year-old entrepreneur and former textile magnate, founded the Raymond Group in collaboration with his father L K Singhania in 1944.
In the current context of the separation between Raymond Group Managing Director Gautam Singhania and his wife Nawaz Modi Singhania, the family dynamics have taken an emotional turn. Vijaypat Singhania, the patriarch and founder of the Raymond Group, expressed remorse over the family discord, stating that he had given “everything” to his son.
Having established the Raymond Group as a modest clothing mill in 1944, Vijaypat Singhania has played a pivotal role in transforming it into the world’s largest suit garment manufacturer. Over the years, he has received numerous accolades, including the prestigious Padma Bhushan, the third-highest civilian honor in India.
In 2016, Singhania made the significant decision to pass on the company shares to his son Gautam Singhania. However, family disputes arose when he had to make decisions about dividing the company between his two sons, Madhupati Singhania and Gautam Singhania. Amid these challenges, Madhupati relinquished his assets and shares in Raymond, severing ties with the Singhanias.
Vijaypat faced further legal challenges when he transferred 37 percent of the Raymond Group to Gautam, a move contested by his grandchildren in court. Although they initially challenged the decision, they eventually lost the case.
Now, a new chapter in the family discord has unfolded with Gautam Singhania and his estranged wife Nawaz Modi navigating a complex divorce settlement. In her demands, Nawaz Modi Singhania is seeking 75 percent of the billionaire’s net worth for herself and their daughters.
