InterContinental's Ghais feud

Ravi Ghai, son Gaurav Ghai locked in dispute involving shares of Graviss that operates iconic Marine Drive hotel

- Nehal Chaliawala

The Graviss Group, the founders of Kwality Ice Creams and South Bombay landmarks such as Gaylord's and the erstwhile Nataraj hotel, are embroiled in a familial dispute that is turning acrimonious. The fault lines run between Ravi Ghai, the son of Kwality founder IK Ghai, and his son Gaurav Ghai. It involves shares of Graviss Hospitality Ltd, the ₹300-crore market capitalization company that owns and operates the InterContinental Hotel on the city's iconic Marine Drive promenade.

As part of a family settlement agreement signed in 2021 and a supplementary agreement signed in 2023, Ravi Ghai transferred all his stake in all the group's private companies to his son for a payment of ₹105 crore. Mint has seen a copy of these agreements.

Ravi Ghai also received payments when the Graviss group exited a joint venture making non-dairy cream. In all, he received ₹235 crore net of taxes between 2021 and 2024.