After weeks of speculation, sources have now confirmed that Godfrey Phillips has signed a term sheet with the start-up New Shop for the sale of its 24Seven retail business, according to sources cited by Franchise India Bureau. This move comes as both parties aim to finalize the deal by the end of September.
This significant step follows the board's decision in April 2024 to exit the retail business, a move made amid a heated inheritance dispute between Godfrey Phillips MD Bina Modi and her son, Sameer Modi, who serves as an Executive Director. Sameer Modi has been vocal in opposing the sale of the retail business.
The founders of New Shop have declined to comment on the matter. New Shop is a retail start-up, founded in 2019 by Aastha Almast and Charak Almast. The brand operates 160 convenience stores across 35 cities, operating throughout 24 hours.
Whereas established in 2005, 24Seven had nearly 145 stores operational until last month across the Delhi-National Capital Region (NCR), Punjab and Hyderabad. These stores are now temporarily closed with notices indicating "Store closed, under renovation." They offered a range of grocery items, snacks, beverages, products from the Modi Group's Colorbar beauty brand, and personal care products. Some larger outlets also sold ready-to-eat food items.
