Modi Enterprises is an Indian business conglomerate based in New Delhi, India.[2] The US $2.8 billion group, consisting of Godfrey Phillips India, Indofil Industries Ltd., Modicare Limited, has a diversified business portfolio including cigarettes manufacturing, education, agricultural chemicals, personal care,[3] tea and beverages, entertainment, consumer products, multi-level marketing, and gourmet restaurants.[4]
 | |
| Company type | Private |
|---|---|
| Industry | Conglomerate |
| Founded | 1932 in Delhi, India |
| Founder | Gujarmal Modi |
Key people |
|
| Products | Consumer products, multi-level marketing, cigarettes, food and beverages, fashion |
| Brands | List
|
Number of employees | 28,000 approximately |
| Website | www |
History
editGujarmal Modi (1902–1976), founded the Modi Group, beginning with a small, family-run business,[5] then expanding from 1933 onwards with companies such as Modi Sugar,[6] Modi Vanaspati Mfr Co., Modi Industries Ltd, ModiLuft and Modi Rubber,[5] Modi Paints, Modi Oils, Modi Electrodes, Modi Lanterns and Torch works, Tube wells/drilling, Modi Distillery, Modi Steels, Industrial Gases, Modi Spinning and Wvg. Mills Co. Ltd., Modi Yarn Mills, Modi Threads, Modi Soap, and Modi Carpets etc.[7][4]
By the time Modi's brother Kedar Nath Modi joined the company, the Modi Group was India's seventh largest conglomerate.[8] The company had become the center of the eponymously renamed city of Modinagar. Modi died in 1976, and KN Modi succeeded him with the help of Modi's five sons and his own three sons who later joined the family business. The founder of the company did not leave a will and, although the family remained united under KN Modi's leadership, this oversight would later cause a rift that threatened to destroy the company.[5]
In April 2010, Krishan Kumar Modi, former chairman of Modi Group, announced that his eldest son Lalit Modi will succeed him as the head of Modi Group's flagship business Godfrey Phillips India (GPI).[9] KK Modi is the father of Lalit Modi, the founder of the Indian Premier League (IPL).[10][11] According to Modi, his children (Lalit Modi, Samir Modi and Charu Bhartia Modi) will have the obligation to appoint his successor, and only by a unanimous vote. Otherwise, the group will be sold off with the profits from the sale shared equally among them.[12]
In June 2011, The Modi Group announced that it was planning to acquire majority control in Godfrey Phillips India from American tobacco company Philip Morris. Both groups had a 36% share in the company until in 2009, Modi Group acquired an additional 11% stake in GPI from Philip Morris, taking its share to 47%. As per the Joint Venture agreement, Modi Group has the right to take its holdings up to 51% by buying further into Philip Morris' holdings to gain majority control of the company. The deal brought Philip Morris' stake down to 21%.[13]
Krishan Kumar Modi, former chairman of Modi Group died at the age of 79 on 2 November 2019.[14]
Brands
editThe company's brands include Beacon Travels, Ego-Thai, Ego Italian, Godfrey Phillips, Indofil, Modicare, Colorbar, Modi Healthcare, Pan Vilas, Coearth and 24 Seven.[1]
References
edit- ^ a b Modi brands on Modi website, 5 Jan 2018
- ^ Sarkar, John (10 March 2017). "KK Modi group eyes 500 more stores". The Times of India. Retrieved 26 April 2018.
- ^ Dutta, Arnab (18 March 2017). "KK Modi group plans Rs 4,000-cr business rejig in four years". Business Standard. Retrieved 26 April 2018.
- ^ a b Margaret Herdeck; Gita Piramal (1985). India's Industrialists, Volume 1. Lynne Rienner Publishers. p. 264. ISBN 0894104152.
- ^ a b c Majumdar, Shyamal (5 August 2014). "Everything you wanted to know about the Modi business family feud – and more". First Post. Retrieved 26 April 2018.
- ^ Rana, Uday (14 May 2016). "Lalit Modi's uncle who owes over Rs 400 crore to farmers absconding, claim cops". The Times of India. Retrieved 26 April 2018.
- ^ Masoodi, Ashwaq (7 May 2015). "Modinagar: The death of an industrial township". Livemint.
- ^ Masoodi, Ashwaq (May 2015). "Modinagar: The death of an industrial township". Livemint. Live Mint.
- ^ Mukherjee, Shubham. "Lalit will head family flagship, says father". The Times of India.
- ^ Schwartz, Peter. "The World's Hottest Sports League". Forbes. Retrieved 23 January 2014.
- ^ Mukherjee, Shubham (27 April 2010). "Lalit will head family flagship, says father". The Economic Times. Retrieved 23 January 2014.
- ^ "Modi empire may be sold: K K Modi". The Financial Express (India). 27 April 2010. Archived from the original on 3 April 2015. Retrieved 15 November 2017.
- ^ Doval, Pankaj (23 June 2011). "KK Modi eyes 51% in Godfrey Phillips". The Times of India. Archived from the original on 19 September 2012. Retrieved 15 November 2017.
- ^ Th Indian Express (3 November 2019). "FICCI mourns demise of its former president K K Modi". Indian Express. The Indian Express.