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
The group will not be selling its stake in Colorbar, Ego Italian, Beacon Travels and the education businesses, Lalit Modi said in a tweet. Bina Modi, her son Samir and daughter Charu will retain these remaining brands.
Other companies where the promoter stakes are up for sale are Modicare, Modicare Healthcare Placement and 24Seven convenience stores.
All companies/ land / investments in any other companies - and assets listed on https://t.co/ZiEHDaVnkT will be on sale except - #colorbar / ego / Beacon Travels and education businesses. Which will be retained to be run by Samir / BINA / Charu. Rest on sale. Including #indofilpic.twitter.com/6tl6xNKV5M
— Lalit Kumar Modi (@LalitKModi) January 27, 2020
“The investment banker will have mandate to sell to highest bidder. The banker will be assisted by group CEO RK Malhotra,” Lalit Modi said.
Another tweet by Lalit Modi indicated possible differences in the family, where he says he did not approve of his mother Bina running the business.
At 09:23 hours, Godfrey Phillips India was quoting Rs 1,416.15, down Rs 22.60, or 1.57 percent.I did not approve #Binamodi to run the #empire as she is not qualified to run such large corporation and will dilute our value. Thus the sale of all companies, properties etc,has been approved at the first trust meeting on 30/11/2019. the full sale must be completed by 29/11/2020 pic.twitter.com/SqWoTkUF3V
— Lalit Kumar Modi (@LalitKModi) January 27, 2020
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