Samir Modi On 24Seven Sale: A Loss For Godfrey Phillips

Godfrey Phillips shares slipped 5% following reports of the company finalizing the sale of its 24Seven retail business to the start-up New Shop. The transaction is expected to be completed by September-end, with the transition of 24Seven's shops and assets already in progress. In an exclusive interview with Business Today TV Managing Editor Siddharth Zarabi, Samir Modi, Executive Director of Godfrey Phillips, expressed his concerns over the sale. He highlighted that the retail business was established under the guidance of his late father, KK Modi, to create an alternative income stream, similar to ITC's diversification from tobacco. Samir Modi opposed the sale, pointing out that 24Seven had begun to generate profits and employed 1,650 people. He questioned the decision to sell the business at a loss, arguing that it could have been sold as a running concern to recover losses. Modi also criticized the management changes made during the sale process, suggesting that these decisions lacked logic and did not maximize value for the company. Despite his concerns, Samir Modi stated that he did not oppose the board's decision but emphasized the missed opportunity for a more beneficial outcome.