Raymond Ltd.’s board re-appointed Gautam Singhania as Managing Director for a five-year term starting July 1, 2024. This decision comes amidst a highly publicised divorce settlement dispute with his estranged wife, Nawaz Modi-Singhania.
The move follows the removal of Ms. Modi-Singhania from the boards of three Raymond-linked companies in April 2024. The couple announced their separation in November 2023 and the settlement dispute has garnered a lot of attention.
Despite the personal controversy, Raymond Ltd. highlighted Singhania’s past achievements and leadership qualities in the regulatory filing announcing his re-appointment.
“Gautam Hari Singhania is a commerce graduate from the University of Mumbai. Mr. Singhania took over the reins of Raymond Limited as Chairman & Managing Director in September 2000. He has been responsible for the strategic decision of restructuring the Raymond Group, initiating the divestment of its noncore businesses of Steel, Cement and Synthetics,” the filing statement said, “Post divestment, the Group has consolidated its position with a focused market-oriented approach. The group has made enormous progress under the stewardship of Mr. Singhania and his vision is to take the Raymond Brand from being amongst the most respected Indian brands to being amongst the best in the global markets,” it added.
“With a drive for creating new Brands, Singhania has taken active interest in the launch of new products and is successfully directing the Group towards sustained growth. Under the leadership of Mr. Singhania, the Group has made a remarkable foray into Real Estate business,” the statement said.
Read More: Raymond’s Sunil Kataria re-elected as chairman of ISA