Cigarette maker Godfrey Phillips India, owned by late industrialist KK Modi, is up for sale, confirmed Lalit Modi, KK’s son, in a tweet on January 27.
Krishan Kumar “KK” Modi, who was chairman of Modi Enterprises, passed away last November. His wife, Bina Modi, was named chairperson after his death.
Godfrey Phillips, manufacturer of Marlboro cigarettes in India, currently has two major stakeholders – Phillip Morris (which owns 25.1%) and the KK Modi Group (47.09%.).
Other Modi Enterprise companies that are up for sale are Modicare, Modicare Healthcare Placement, and 24Seven convenience stores.
In another tweet, Lalit Modit said, “I did not approve #Binamodi to run the #empire as she is not qualified to run such [a] 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.”