Godfrey Phillips is the flagship company of Lalit Modi’s business group Modi Enterprises. It makes cigarettes ranging from Gold Flake to Red and White and Cavenders. In the retail sector, it runs general stores under the name ’24 Seven’.
The business group of Lalit Modi, who created the Indian Premier League (IPL), works in many sectors. Now he is going to sell his retail business, which runs ’24 Seven’ stores across the country. Will ’24 Seven’ stores start closing across the country after this?
Godfrey Phillips is the flagship company of Lalit Modi’s business group Modi Enterprises. It makes cigarettes ranging from Gold Flake to Red and White and Cavenders. It also manufactures and sells Marlboro brand cigarettes under a license agreement with Philip Morris. The same company runs general stores in the retail sector under the name ’24 Seven’, where both grocery and restaurant services are available.
’24 Seven’ is running in loss
Godfrey Phillips India says that its retail business is running in loss. Therefore the company has decided to sell the business of ’24 Seven’ store. Godfrey Phillips India informed the stock market about this on Friday. The company’s board of directors decided in a meeting on Friday that it will exit its retail segment operations. Godfrey Phillips India has 150 stores across the country by December 2023.
The company has said in a statement that it has taken the decision in this regard after reviewing its retail business, taking feedback from people and considering its future prospects. Exit from the retail business will take place after completing the necessary formalities. In the last financial year, the revenue of the company’s 24Seven business was Rs 396 crore, which is only 9.3 percent of the total operations of Godfrey Phillips.
Lalit Modi is in London
Company chief Lalit Modi is also wanted in India at present. He is accused of scam in selling media rights of IPL. Currently he lives in London. Recently he was also in the news for his relationship with Bollywood actress Sushmita Sen.