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Godrej Group addresses the family division

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Godrej Group addresses the family division

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The $ 4.1 billion Godrej group, which ranges from soaps and appliances to real estate, is targeting a split between the brothers, sources familiar with the matter said, citing outside advice the family has sought for a friendly split of the man from 124 years. conglomerate.

Today, the group is led by veteran industrialist Adi Godrej (79), who is its president. His brother Nadir Godrej is the president of Godrej Industries and Godrej Agrovet.

His cousin Jamshyd N Godrej is the Chairman of Godrej & Boyce Manufacturing Company Ltd, which is also the flagship firm of the conglomerate, one of the oldest trading houses in India. It was founded in 1897 by lawyer-turned-serial entrepreneur Ardeshir Godrej, who after a few failed ventures succeeded in the lock business.

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According to a report, the group is seeking a full-scale split between two groups: one led by Adi and Nadir, and the other by Jamshyd and his sister Smitha Godrej Crishna.

When asked for comment, a joint statement from the family said: “The Godrej family has been working on a long-term strategic plan for the group for the past few years to ensure the best value for its shareholders.”

Without sharing further details, the statement added: “As part of this exercise, we have also sought the advice of outside partners. These discussions between the family continue.”

People close to the family, including bankers Nimesh Kampani and Uday Kotak, along with well-known personalities from the legal field such as Zia Mody of AZB & Partners and Cyril Shroff, are being consulted by the family for the exercise.

According to the group, about 23 percent of the promoters’ stake in Godrej Group is in trusts that invest in the fields of environment, health and education.

Among the group’s main companies are the unlisted flagship engineering firm Godrej & Boyce Mfg Co Ltd and listed entities such as Godrej Consumer Products Ltd, Godrej Agrovet, Godrej Properties and Godrej Industries Ltd.

While there are cross-holdings in each of the companies by family members, the listed entities such as Godrej Consumer Products Ltd, Godrej Agrovet, Godrej Properties and Godrej Industries Ltd are managed by the Adi and Nadir side. On the other hand, Godrej & Boyce Mfg Co Ltd belongs to Jamshyd.

Patriarch Adi Godrej has gradually drifted away as his sons have assumed various responsibilities in the group. His eldest daughter, Tanya Dubash, is the group’s CEO and brand director.

The youngest daughter, Nisaba Godrej, is currently the CEO of Godrej Consumer Products Ltd, while her son Pirojsha is the President of Godrej Properties.

In early August, Adi had announced his resignation as president and board of directors of Godrej Industries Ltd, passing the baton on to his younger brother Nadir.

While Jamshyd’s sister Smitha has not played an active role in the business, her husband Vijay Crishna is a non-executive director of Godrej & Boyce, in addition to being a director of Godrej Industries and Godrej Agrovet.

It is understood that the division’s exploration exercise is accelerating with the younger generation of the family becoming more involved in the business and wanting more clarity on responsibility and ownership.

(Edited by : Jomy Jos Pullokaran)

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Godrej Group addresses the family division

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