Gautam Singhania Affirms Business Continuity Amid Personal Challenges: Raymond's CMD Ensures Uninterrupted Operations
Raymond's CMD, Gautam Singhania, reassures employees and the board amidst personal challenges, emphasizing the conglomerate's commitment to uninterrupted operations despite a 13.29% decline in share prices. Singhania underscores his dedication to stakeholders, affirming continuous value creation. Raymond's recent strides in business expansion, particularly in aerospace, defense, and electric vehicle components, are highlighted, fueled by the acquisition of Bengaluru-based Maini Precision Products. The CMD's decision to refrain from commenting on personal matters signifies a focus on maintaining family dignity. As the conglomerate navigates change, Singhania's assurance underscores Raymond's steadfast commitment to business continuity and growth.
Raymond's Chairman and Managing Director (CMD), Gautam Singhania, has reassured both employees and the board that the conglomerate's operations will continue without disruption. In an email addressing the concerns arising from the recent announcement of his divorce from Nawaz Modi Singhania, Singhania emphasized that despite the dip in Raymond's share prices, the business remains unaffected. Over the past nine consecutive trading sessions, Raymond's shares witnessed a 13.29% decline, reaching Rupees 1,648.45.
Singhania's commitment to the smooth functioning of the company was evident in his message, where he stated, “…I remain resolute as the CMD and am fully committed towards the smooth functioning of the company and its business. Even in these difficult times for me, I assure you that at Raymond it is business as usual.”
Highlighting the broader perspective, Singhania affirmed his dedication to creating and delivering value for all stakeholders, including shareholders, employees, customers, and other relevant parties. He acknowledged Raymond's consistent growth, citing "significant strides" in business expansion over the past nine quarters. Notably, the conglomerate has nearly doubled its engineering business by venturing into emerging sectors such as aerospace, defense, and electric vehicle components. This expansion was facilitated by the acquisition of Bengaluru-based Maini Precision Products (MPPL), in which Raymond acquired a 59.25% stake for Rupees 682 crore on November 3.
Addressing the media coverage surrounding his personal life, Singhania chose not to comment on the matter, emphasizing the importance of maintaining the dignity of his family. On November 13, Singhania had publicly announced his separation from his wife, Nawaz Modi, with whom he had been married since 1999. As the conglomerate navigates this period of change, Singhania's assurance underscores Raymond's commitment to business continuity and growth.
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