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Business News/ Companies / People/  Veteran tycoon Vijaypat Singhania regret handing over business to son Gautam Singhania, speaks on Nawaz Modi: Report
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Veteran tycoon Vijaypat Singhania regret handing over business to son Gautam Singhania, speaks on Nawaz Modi: Report

Vijaypat Singhania, father of Raymond boss Gautam Singhania, spoke about his son's separation from his wife, Nawaz Modi. He admitted to making a mistake by giving his son everything.

The former textile tycoon, Vijaypat Singania, said Gautam would be glad to see him on the road. Photo: Getty imagesPremium
The former textile tycoon, Vijaypat Singania, said Gautam would be glad to see him on the road. Photo: Getty images

Raymond's founder, Vijaypat Singhania, in an interview to Business Today, expressed his regrets about handing over his business entirely to the current Managing director, Gautam Singhania.

Vijaypat Singhania handed over the authority of his company to his son, Gautam Singhania in 2015. Soon after, Gautam Singhania allegedly drove Vijayapat Singhania out of his JK House building in South Mumbai in 2017, according to various reports.

Billionaire industrialist Gautam Singhania's estranged wife, Nawaz Modi Singhania, also recently alleged him of physical abuse.

The estranged wife of billionaire industrialist Gautam Singhania, 53, has reportedly demanded 75% of his alleged $1.4 billion net worth for herself and her two daughters - Niharika and Nisa — as part of a family settlement after the couple's divorce, according to the Economic Times.

Vijaypat Singhania, in an exclusive interview with Business Today, said parents should "think very carefully before giving their children everything" before they are gone and that he made a 'stupid' mistake by giving everything to his son.

Vijaypat Singhania said that Gautam agreed to give some parts of the company, but then backed out. "I have no business." He had agreed to give me some parts of the company, but of course, he backed out. So I have nothing else. I gave him everything. By mistake, I was left with some money which I'm surviving today. Otherwise, I would have been on the road," as quoted by Business Today.

The former textile tycoon, Vijaypat Singania, said Gautam would be glad to see him on the road. "I'm sure of that. If he can throw his wife out like this, threw his father out like this. I don't know what he is," as quoted in the report by BT.

Billionaire Gautam Singhania on Monday, November 13, announced separation from his wife Nawaz, saying the two have decided to pursue different paths, as reported by PTI.

Singhania, 58, had married Nawaz Modi, daughter of solicitor Nadar Modi, in 1999.

"This Diwali is not going to be the same as many in the past," Gautam Singhania, chairman and managing director of textiles-to-real estate conglomerate Raymond Ltd, said in social media posts. "It is my belief that Nawaz and I will pursue different paths from here on," Gautam Singhania told PTI.

He had married Nawaz, who was 29 years old in 1999, after eight years of courtship, as per the report.

"32 years of being together as a couple, growing as parents and always being a strength of each other... we traversed with commitment, resolve, faith as along came the two most beautiful additions in our lives," he said, as quoted by PTI.

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Published: 24 Nov 2023, 01:15 PM IST
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