Industry Conglomerate Founder Gujarmal Modi Type Privately held company | Number of employees 28,000 approximately Headquarters New Delhi Founded 1933 | |
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Key people Krishan Kumar Modi (Chairman), Samir Modi (Managing Director) Products consumer products, multi-level marketing, gourmet restaurants, education, entertainment, tea and beverages, health, fast-moving consumer goods, fashion, food and hospitality | ||
The Modi Group (consisting Godfrey Phillips India, Indofil Industries Ltd., Modicare Limited) is an Indian Business conglomerate based in New Delhi, India. It is a US $2.8 billion organization headed by Krishan Kumar Modi. The group has diversified business portfolio of making cigarettes, tea & beverages, entertainment, consumer products, multi-level marketing, chemicals, tertiary education and gourmet restaurants.
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In April 2010, Krishan Kumar Modi, Chairman of Modi Group announced the succession plan for his business empire, quoting to Media about his business to be shared equally among his three children which at present is run by K K Modi Family Trust, of which he is the Managing Trustee.
In June 2011, The Modi Group announced that it was planning to acquire majority control in Godfrey Phillips India from Philip Morris, the American Tobacco Manufacturer. Both group had a 36% share in the company until in 2009, Modi Group acquired an additional 10.8% stake in GPI from Philip Morris for US $27 million, 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%.
Product Brands
History
Rai Bahadur Gujarmal Modi (1902–1976), founded the Modi Group, beginning with a small family run business, then expanding from 1932 onwards with companies such as Modi Sugar, Modi Vanaspati Mfr Co., 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, Modi Rubber and Modi Carpets etc.