Godfrey Phillips India was operating 150
A decision in this regard was taken following a detailed review of the company’s retail business division and after due consideration of the stakeholders’ feedback, long-term performance, prevailing market conditions of the
“The exit will be subject to completion of the necessary formalities,” it said.
Revenue of 24Seven in FY23 was Rs 396 crore, contributing 9.3 per cent of the total revenue from operations for the company.
“The Retail Business Division had a negative net worth as on 31st March 2023 on account of accumulated losses generated by it,” the company said.
Godfrey Phillips India is the flagship company of Modi Enterprises. It makes popular cigarette brands like Four Square, Red & White, Cavanders, North Pole and Tipper.
It also manufactures and distributes brand Marlboro under a license agreement with Philip Morris.