Gautam Singhania, who is known for his lavish lifestyle and billion-dollar wealth, will be giving 75 of his USD 1.4 billion wealth to his wife Nawaz and two daughters Niharika and Nisa, The Economic Times reported.

As part of his divorce settlement, the billionaire has suggested that a family trust be created where he would transfer the family’s assets, and only Singhania would have control over the management of funds, according to the ET report.

Who is Gautam Singhania?

Gautam Singhania is a billionaire industrialist, who currently holds the position of chairman and managing director of the Raymond Group, which is the world’s largest producer of suiting garments. According to Forbes, Singhania has a net worth of USD 1.4 billion, which comes out to ₹11,658 crore in Indian currency.

Singhania is known to lead a luxurious life and is passionate about fast cars, planes and yachts. The billionaire inherited most of his wealth from his father, who gave him 37 per cent of the company as per family understanding.

Gautam Singhania’s divorce with Nawaz Modi

Gautam Singhania announced his split with Nawaz Modi, his wife of 32 years, just a few days after she was allegedly stopped from entering the billionaire’s Diwali party. Singhania said in his statement that the two will continue to parent their two daughters together.

Reports have surfaced that Nawaz demanded 75 per cent of Singhania’s ₹11,658 crore wealth in her divorce settlement, while it is not yet known if the Raymond Group MD has formally agreed to the terms.