E-Paper
Godrej family begins formal division of group, will start divestments soon: Report
This separation is between two branches of the founding family with Adi Godrej and his brother Nadir on one side.
The Godrej family has begun the formal division of the conglomerate by exiting the boards of each other’s companies, it was reported. The family will soon divest their stakes, The Economic Times reported citing people in the know. This separation is between two branches of the founding family with Adi Godrej and his brother Nadir on one side. The other side has Jamshyd Godrej and his sister Smita Godrej Crishna.
Read more: Meta unveils Llama 3 and real-time image generator: All you need to know
This comes after Adi and Nadir Godrej resigned from the Godrej & Boyce Board while Jamshyd Godrej also left his seat in the boards of GCPL and Godrej Properties.
The report claimed, “Top executives close to the matter said real estate estimated at ₹3,400 crore, mostly prime land in the Mumbai suburbs, will remain under Godrej & Boyce (G&B), and a separate agreement will be worked out to govern ownership rights.”
Read more: Meta AI challenge to ChatGPT has an element of surprise, albeit not unexpected
Adi and Nadir Godrej will divest their stakes in Godrej & Boyce to the other branch, the report added, while Jamshyd Godrej and his side of the family will transfer interests in Godrej Consumer Products (GCPL) and Godrej Properties to their cousins. This will be done through a family arrangement, it added.
Read more: Q4 results today: Wipro, Jio Finance, HDFC AMC among companies to post earnings
The Godrej Group has five publicly listed companies- GCPL (Godrej Consumer Products Ltd), Godrej Properties, Godrej Industries, Godrej Agrovet and Astec Lifesciences.
