Cigarette-maker Godfrey Phillips, other KK Modi businesses up for sale, says Lalit Modi

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.

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

At 09:23 hours, Godfrey Phillips India was quoting Rs 1,416.15, down Rs 22.60, or 1.57 percent.