The Raymond Empire: Fancy cars, Rs 8,400 crore top-line & an unhappy marriage

Nawaz Modi Singhania, the estranged wife of Raymond Ltd Chairman Gautam Singhania has asked for 75 per cent of the industrialist’s wealth. This was soon after the couple announced their separation after 32 years. Gautam Singhania’s total net worth is estimated to be $1.4 billion. 

A large part of that is housed in real estate. The JK House property in south Mumbai is said to be the most valuable, with reports pegging its value at around Rs 6,000 crore. The 30-storeyed structure is spread over an area of 16,000 square feet, with floors dedicated to Gautam Singhania’s car collection. According to available information, he owns a Lamborghini Gallardo LP570 Superleggera, Lamborghini Murciélago, Lotus Elise convertible, Nissan Skyline GTR, Honda S2000, Ferrari 458 Italia, Audi Q7 among others. This could not, however, be independently verified and it is not clear how much that is worth. 

There has been a bitter battle between the couple, with Nawaz Modi Singhania making details of the spat public. However, Gautam Singhania has not responded to any of the charges including those relating to assaulting his wife. "In the interest of my two beautiful daughters, I would like to maintain my family's dignity and I will refrain from offering any comment. Please respect my privacy," he said in an e-mailed response to India Today. 

Also Read: EXCLUSIVE: Nawaz Modi's first interview after separation from Raymond boss Gautam Singhania; Full text

According to Raymond Ltd’s shareholding pattern for the quarter ended September 30, 2023 (sourced from the BSE website), the promoter and promoter group account for 49.11 per cent. Most of this – 48.86 per cent – are housed in J K Investors (Bombay) Ltd, J K Helene Curtis Ltd, JK Investo Trade (India) Ltd and Smt Sunitidevi Singhania Hospital Trust.

In their individual capacity, Gautam Singhania and Nawaz Singhania hold almost zero per cent. It is not clear how much Gautam Singhania holds in these promoter entities that eventually add up to his holding in Raymond Ltd, a company with a market capitalisation of around Rs 11,000 crore. 

Close to 40 per cent of Raymond’s revenue of over Rs 8,400 crore come from branded textiles, with another 16 per cent from branded apparels. Garmenting, high-value cotton shirting and engineering bring in 32 per cent, while real estate, a more recent foray, accounting for 13 per cent. Importantly, the real estate business has grown by 58 per cent between FY22 and FY23 – from Rs 707 crore to Rs 1,115 crore. Raymond owns 120 acres in Thane of which 24 acres is currently being developed.  

In an interview with India Today, Nawaz Modi said that her billionaire husband Gautam Singhania was not in any mood for settlement. When asked about his announcement on social media to “settle all aspects on the relationship”, Nawaz Modi said, “He didn’t settle anything. He said, "settlement is off the table". He just wanted to wait for the storm to pass so he didn’t have to pay anything to anyone. He simply wanted to kick his kids and his wife on the curb.”

Also Read: 'Thank God for that': Nawaz Modi claims Ambani family came to her rescue after Gautam Singhania's alleged assault

Also Read: 'Gautam Singhania assaulted me and our daughter,' says Raymond boss' wife Nawaz Modi I EXCLUSIVE