He, however, did not give details of the separation and custody of their two children.
Billionaire Gautam Singhania on Monday announced separation from wife Nawaz, saying the two have decided to pursue different paths. Mr Singhania, 58, had married Nawaz Modi, daughter of solicitor Nadar Modi, in 1999.
"This Diwali is not going to be the same as many in the past," Mr Singhania, chairman and managing director of textiles-to-real estate conglomerate Raymond Ltd, said in social media posts.
"It is my belief that Nawaz and I will pursue different paths from here on." He had married Nawaz, who was 29-years-old in 1999, after eight years of courtship.
"32 years of being together as a couple, growing as parents and always being a strength of each other... we traversed with commitment, resolve, faith as along came the two most beautiful additions in our lives," he said.
He, however, did not give details of the separation and custody of their two children.
"As I reflect over the unfortunate developments in the recent past, there has been a lot of unsubstantiated rumour mongering, and gossip surrounding our lives fanned by 'not so well wishers'," he wrote.
"I am parting ways with her while we continue to do what is the best for our two precious diamonds Niharika and Nisa." He sought privacy and respect for personal decisions.
"Please respect this personal decision and kindly give us the space to settle all aspects of the relationship. Seeking your best wishes for the entire family during these times," he added.
Minutes before announcing the separation, Gautam Singhania wrote on X about his group's real estate arm continuing to expand its presence across Mumbai.
"We have secured 3 new real estate projects in the (Mumbai Metropolitan) Region, with a combined revenue potential of over Rs 5,000 crore (USD 678 million). Our realty business has seen a strong growth trajectory over the last couple of projects and we are confident of delivering on the highest level of quality and finesse associated with Raymond Group for the upcoming projects," he said.
Mr Singhania was in news a couple of years back over a feud with his father Vijaypat.
Vijaypat Singhania created Raymond Group, which became a household name in India, producing apparels brands and textiles. His son, Guatam diversified the group into more sectors in an attempt to widen the revenue.
Just like father who was a noted aviator, flying commercial aircraft for free, Gautam Singhania too is known for his adventurous streaks, racing fast cars in circuits around the world.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)