Godfrey Phillips’ shares up for sale: Lalit Modi

Godfrey Phillips’ shares up for sale: Lalit Modi

Agency News

The shares of Godfrey Phillips India, which manufactures Malboro cigarettes in India, owned by Modi Enterprises up for sale, said the late industrialist KK Modi’s son Lalit Modi.

Currently Modi group has 47.09 percent shares in Godfrey Philips. Other companies where the promoter stakes are up for sale are Modicare, Modicare Healthcare Placement and 24Seven convenience stores. However, 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.

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. “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.