All assets owned by late industrialist KK Modi, including cigarette-maker Godfrey Phillips, are up for sale, his son Lalit Modi confirmed on January 27.
Godfrey Phillips India, which manufactures Marlboro cigarettes in India, currently has two major stakeholders – Phillip Morris (which owns 25.1 percent) and the KK Modi Group (47.09 percent).
Krishan Kumar Modi, who was chairman of Modi Enterprises, passed away in November last year. His wife Bina was appointed as Chairperson following his death.
Just to set the record straight. Yes all Assets of the #kkmodi group are going on sale. I mean all. The other 3 trustees wanted to continue running the Business But I felt post my father passing away - the value will deplete. I voted for sale. https://t.co/dJOIYsevJR. Sale On pic.twitter.com/lKOKZXP04z— Lalit Kumar Modi (@LalitKModi) January 27, 2020