Raymond Chief’s Salary Soars

Tycoon Roars

• As per the company report, Gautam Singhania was paid INR 19.93 crore as salary till March 2024 as compared to the last year’s salary was INR 16.26 crore.
• The Raymond Group board reappointed Gautam Singhania as Managing Director for five years effective July 1 subjected to retirement by rotation.

Estranged Life

• Life can get ugly at times, especially for the ones in public view are constantly subjected to scrutiny. Just after a week after the billionaire industrialist announced his separation from Nawaz Modi Singhania, he was accused of domestic violence. Nawaz Modi went public with statement that she along with her minor daughter were beaten at 5am soon after Singhania’s birthday party ended. Though speculation were rife that all is not good in the paradise between the power couple but assault was the last straw expected by Nawaz. However, Gautam Singhania had always maintained dignity and privacy on the matter.
• 32 years of standing togetherness witnessed battle where Nawaz Modi sought 75% of Singhania’s net worth for herself and their two daughters as part of family settlement. Gautam wanted to set up a trust to hold the family’s assets of which he would be the sole trustee till he is alive.
• Not only did the Raymond Chief’s marriage ran into troubled waters, there had been a prolonged episode of dispute with his father, Mr. Vijaypat Singhania. In 2015, Vijaypat Singhania stepped down as the Chairman and soon after father-son went out of formation on property matters. The relationship soured further when Vijaypat claimed that Raymond Ltd refused a a duplex to him in the family owned JK House. Recently, Gautam Singhania had shared a picture with his father on the social media platform X expressing that he is happy to have his Papa back home.

Tables Turned

• Singhania, a Commerce Graduate, assumed the role of Chairman and Managing Director in September 2000. He played a pivotal role in the Raymond Group restructure including the divestment of its non-core business of Steel, cement and synthetics.
• Pummeled by the pandemic, Raymond Ltd went through one of the toughest times in 98 years.
• From there, Singhania doggedly engineered Raymond’s recovery, taking the scimitar to costs, excess inventory and non-performing stores.
• In FY23, net profits doubled and revenues notched up its highest-ever value of INR 8337 crore, making it a freshly minted billion-dollar organisation.
• The Raymond Group board reappointed Gautam Singhania as Managing Director for five years effective July 1 subjected to retirement by rotation.

Editor’s Note

Gautam Singhania decided ‘quitting was never an option’ He looked challenges right into their faces, shrugged them off and focused on the revival every single day. With Raymond Ltd clocking in numbers from all quarters, we clearly see the story is far from over.