GPI for sale

Cigarette maker Godfrey Phillips India is up for sale, confirmed Lalit Modi in a tweet on Jan. 27.

Krishan Kumar “KK” Modi, who was the chairman of Modi Enterprises, passed away in November 2019. His wife, Bina Modi, was named chairperson after his death. His son, Lalit Modi, did not approve of this appointment, according to a follow-up tweet.

Godfrey Phillips, the manufacturer of Marlboro cigarettes in India, currently has two major stakeholders—Phillip Morris (which owns 25.1 percent) and the KK Modi Group (which owns 47.09 percent).

Other Modi Enterprise companies that are up for sale are Modicare, Modicare Healthcare Placement and 24Seven convenience stores.