Mumbai: Billionaire industrialist Gautam Singhania’s estranged wife Nawaz Modi Singhania has demanded 75 per cent of his estimated $1.4 billion net worth as part of their divorce settlement, The Economic Times reported.
The financial well-being and security of the couple’s two daughters, Niharika and Nisa, is believed to be the reason for Nawaz’s substantial demand.
It has sparked discussions on the distribution of the family’s wealth.
According to the news report, Raymond Chairman and MD Singhania is ready to consider Nawaz’s request. However, he has proposed establishment of a family trust — he will act as sole managing trustee — to manage the family’s assets. Family members will be allowed to inherit the assets after his demise.
Nawaz has reportedly found this arrangement to be unacceptable.
Even as legal advisors of both parties seek to find a way through the complexities of divorce settlement, Managing Partner at Shardul Amarchand Mangaldas & Co. Akshay Chudasama is learnt to be mediating between the couple for a possible reconciliation or mutually agreeable resolution.