New Delhi: $4.1 billion Godrej GroupFrom soap and home appliances to real estate, the brothers are leading to a split, sources aware of the matter said, citing outside advice, the family has sought an amicable split of the 124-year-old group.
Presently, the group is headed by experienced industrialist Adik godrej (79), who is its chairman. his brother Nadir Godrej is the president of Godrej Industries Also Godrej Agrovet.
His cousin Jamshed N Godrej is the chairman of Godrej & Boyce Manufacturing Company Limited, which is also the flagship firm of the conglomerate, one of the oldest business houses in India.
It was founded in 1897 by lawyer-turned-serial entrepreneur Ardeshir Godrej, who succeeded in the locks business after a few unsuccessful ventures.
According to a report, the group is looking for a complete large-scale split between the two groups – one led by Adi and Nadir, and the other by Jamshed and his sister Smita Godrej Krishna.
When reached for comments, a joint statement from the family said, “The Godrej family has been working on a long-term strategic plan for the group over the past few years to ensure the best value for its shareholders.”
“As part of this exercise, we have also sought advice from external partners. These discussions are ongoing among the family,” the statement added, without sharing further details.
People close to the family, including bankers Nimesh Kampani and Uday Kotak, as well as legal luminaries such as Jiya Modi and Cyril Shroff of AZB & Partners, are reportedly being consulted by the family for the practice.
According to the group, around 23 per cent of the promoters in the Godrej Group are held in trusts that invest in the areas of environment, health and education.
Major group companies include major unlisted engineering firms Godrej & Boyce Mfg Company Limited and listed entities such as Godrej Consumer Products Limited, Godrej Agrovet, Godrej Properties and Godrej Industries Limited.
While there are cross holdings in each company by family members, there are listed entities like Godrej Consumer Products Limited, Godrej Agrovet, Godrej Properties and Godrej Industries Limited in favor of Adi and Nadir. On the other hand, Godrej & Boyce Mfg Company Limited comes under Jamshed.
Vice Chancellor Adi Godrej Slowly falling apart while her children take on different responsibilities in the group.
His eldest daughter Tanya Dubash is the Group’s Executive Director and Chief Brand Officer. The youngest daughter Nisaba Godrej is currently the Executive Chairman of Godrej Consumer Products Limited, while son Pirojsha is the Chairman of Godrej Properties.
Earlier in August, Adi had announced to step down as the chairman of Godrej Industries Ltd as well as his younger brother Nadir from the board of directors.
While Jamshed’s sister Smita has not played an active role in the business, her husband Vijay Krishna is a non-executive director of Godrej & Boyce apart from being a director of Godrej Industries and Godrej Agrovet.
It is understood that the search process of division is being expedited with the younger generation of the family becoming more involved in the business and wanting more clarity on responsibility and ownership.
Presently, the group is headed by experienced industrialist Adik godrej (79), who is its chairman. his brother Nadir Godrej is the president of Godrej Industries Also Godrej Agrovet.
His cousin Jamshed N Godrej is the chairman of Godrej & Boyce Manufacturing Company Limited, which is also the flagship firm of the conglomerate, one of the oldest business houses in India.
It was founded in 1897 by lawyer-turned-serial entrepreneur Ardeshir Godrej, who succeeded in the locks business after a few unsuccessful ventures.
According to a report, the group is looking for a complete large-scale split between the two groups – one led by Adi and Nadir, and the other by Jamshed and his sister Smita Godrej Krishna.
When reached for comments, a joint statement from the family said, “The Godrej family has been working on a long-term strategic plan for the group over the past few years to ensure the best value for its shareholders.”
“As part of this exercise, we have also sought advice from external partners. These discussions are ongoing among the family,” the statement added, without sharing further details.
People close to the family, including bankers Nimesh Kampani and Uday Kotak, as well as legal luminaries such as Jiya Modi and Cyril Shroff of AZB & Partners, are reportedly being consulted by the family for the practice.
According to the group, around 23 per cent of the promoters in the Godrej Group are held in trusts that invest in the areas of environment, health and education.
Major group companies include major unlisted engineering firms Godrej & Boyce Mfg Company Limited and listed entities such as Godrej Consumer Products Limited, Godrej Agrovet, Godrej Properties and Godrej Industries Limited.
While there are cross holdings in each company by family members, there are listed entities like Godrej Consumer Products Limited, Godrej Agrovet, Godrej Properties and Godrej Industries Limited in favor of Adi and Nadir. On the other hand, Godrej & Boyce Mfg Company Limited comes under Jamshed.
Vice Chancellor Adi Godrej Slowly falling apart while her children take on different responsibilities in the group.
His eldest daughter Tanya Dubash is the Group’s Executive Director and Chief Brand Officer. The youngest daughter Nisaba Godrej is currently the Executive Chairman of Godrej Consumer Products Limited, while son Pirojsha is the Chairman of Godrej Properties.
Earlier in August, Adi had announced to step down as the chairman of Godrej Industries Ltd as well as his younger brother Nadir from the board of directors.
While Jamshed’s sister Smita has not played an active role in the business, her husband Vijay Krishna is a non-executive director of Godrej & Boyce apart from being a director of Godrej Industries and Godrej Agrovet.
It is understood that the search process of division is being expedited with the younger generation of the family becoming more involved in the business and wanting more clarity on responsibility and ownership.
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