Billionaire industrialist Gautam Singhania’s estranged wife Nawaz Modi Singhania has reportedly demanded 75% of his $1.4 billion net worth for herself and their two daughters in a family settlement following their separation.
While Singhania has tentatively agreed, he has proposed creating a family trust where he would be the sole managing trustee, a term Nawaz finds unacceptable, according to a report by the Economic Times. His net worth is reported to be over ₹11,000 crore.
Singhania, the chairman and managing director of Raymond, last Monday announced that he has separated from Nawaz amid speculation over the future of the 32-year relationship.
“We traversed with commitment, resolve, faith as along came the two most beautiful additions of our lives,” he wrote in a social media post on X (formerly Twitter).
The announcement came minutes after a video surfaced online which purportedly showed Nawaz not being allowed to enter a party hosted by Singhania at Thane despite an invite for the pre-Diwali bash.
Announcing the separation, Singhania mentioned “unfortunate developments in the recent past”, and added that there has been a lot of “unsubstantiated rumour mongering and gossip” fanned by what he called as “not so well wishers”.
“It is my belief that Nawaz and I will pursue different paths from here on,” he said, adding that both the parents are committed to do whatever is the best for their two children.
The ET report suggests that Haigreve Khaitan, senior partner at Khaitan & Co has been appointed as a legal advisor for Singhania while Mumbai-based law firm Rashmi Kant is believed to be roped in by Nawaz. Akshay Chudasama of Shardul Amarchand Mangaldas & Co. is reportedly attempting to mediate for a possible reconciliation or a mutually agreeable term.