 "Who Is Vijaypat Singhania, Founder Of Raymond, Who Sparks Storm Amidst Son Gautam's Divorce Battle?")
File Photo New Delhi: The ongoing separation of Raymond Group Managing Director Gautam Singhania and his wife Nawaz Modi Singhania has taken a poignant turn, as Vijaypat Singhania, the patriarch, and founder of the Raymond Group, expressed regret over the family discord, stating that he had given "everything" to his son.
Vijaypat Singhania, an 85-year-old businessman, and former textile magnate, established the Raymond Group in 1944 alongside his father L K Singhania. What began as a modest clothing mill has grown into the world's largest suit garment manufacturer. (Also Read: Turn Rs 1 Lakh Into Rs 1 Lakh Monthly With This High-Profit Business Idea)
Over the years, Singhania has earned numerous accolades, including the prestigious Padma Bhushan, the third-highest civilian honor in India. (Also Read: Tata Technologies IPO Allotment Soon: How To Check Allotment Status? Check Step-By-Step Guide)
In 2016, he made the decision to pass on the company shares to his son Gautam Singhania.
Previously, Singhania faced a challenging decision about dividing the company between his two sons, Madhupati Singhania and Gautam Singhania. Amid family disputes, Madhupati relinquished his assets and shares in Raymond, severing all ties with the Singhanias.
Eventually, Vijaypat transferred 37 percent of the Raymond Group to Gautam, a move contested by his grandchildren in court, although they eventually lost the case.
Now, a new chapter of family discord has unfolded as Gautam Singhania and his estranged wife Nawaz Modi navigate 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.
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