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Business News/ Companies / People/  It's business as usual at Raymond, Gautam Singhania tells staff amid spat with wife
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It's business as usual at Raymond, Gautam Singhania tells staff amid spat with wife

Fully committed towards the smooth functioning of the company and its business, Singhania wrote to the board and employees of Raymond

Raymond chairman Gautam Singhania.Premium
Raymond chairman Gautam Singhania.

New Delhi: Gautam Hari Singhania, chairman and managing director of Raymond Ltd, has assured his employees and board members of the "smooth functioning" of the company amid the public spat between him and his estranged wife Nawaz Modi.

Singhania, in an internal communication to his employees last week, wrote, “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. However, I remain resolute as Chairman & Managing Director and am 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." Mint has seen a copy of the mail.

The communication comes after Singhania’s public spat with his wife Nawaz Modi who has accused the Raymond scion of domestic violence. Modi has reportedly sought 75% of Singhania’s $1.4 billion fortune as part of a settlement.

Raymond is a diversified group with a strong presence in the textile and apparel sector, apart from a play in the consumer care, realty, and engineering sectors in both national and international markets.

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“As you all are aware that over the last couple of months, we have made significant strides towards growing our businesses exponentially and have had our best quarter in history on top of a consistent upswing in performance over the last 9 quarters. Recently, we have almost doubled our engineering business by entering sunrise sectors of aerospace, defense, electric vehicle components through MPPL’s acquisition, and have also been awarded two marquee real estate projects in our focus market of Mumbai Metropolitan Region. I am steadfast to create and deliver value to all our shareholders and ensure the interests of our employees, customers, and other stakeholders," Singhania said.

Earlier in November, Singhania announced separation from wife saying the two have decided to pursue different paths.

Shares of Raymond on Wednesday saw their biggest drop since 25 October, slipping as much 4.4%. On Friday, they fell 1.4% to 1,647. Markets are shut today for Guru Nanak Jayanti. 

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ABOUT THE AUTHOR
Suneera Tandon
Suneera Tandon is a New Delhi based reporter covering consumer goods for Mint. Suneera reports on fast moving consumer goods makers, retailers as well as other consumer-facing businesses such as restaurants and malls. She is deeply interested in what consumers across urban and rural India buy, wear and eat. Suneera holds a masters degree in English Literature from the University of Delhi.
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Published: 27 Nov 2023, 04:14 PM IST
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