Godrej & Boyce Manufacturing Co Ltd sells office space near Mumbai for ₹157 cr to Godrej Industries Ltd - Hindustan Times
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Godrej & Boyce Manufacturing Co Ltd sells office space near Mumbai for 157 cr to Godrej Industries Ltd

May 28, 2024 09:16 AM IST

The Godrej family announced on April 30 that it was splitting the 127-year-old group into two entities — Godrej Enterprises and Godrej Industries

Godrej & Boyce Manufacturing Company Limited has sold an office space spread across an area of 48,729.92 sq ft located in Vikhroli (East) for a consideration of 157 crore to Godrej Industries Ltd, registration documents accessed by Propstack showed.

Godrej & Boyce Manufacturing Company Limited has transferred an office space spread across an area of 48,729.92 sq ft located in Vikhroli (East) for a consideration of <span class='webrupee'>₹</span>157 crore to Godrej Industries Ltd (Representational photo)(AP | Representational image)
Godrej & Boyce Manufacturing Company Limited has transferred an office space spread across an area of 48,729.92 sq ft located in Vikhroli (East) for a consideration of 157 crore to Godrej Industries Ltd (Representational photo)(AP | Representational image)

The office space is spread across two floors - 8th and 9th - of the North tower of the commercial building known as Godrej One comprising a two-level basement plus ground plus 11 upper floors constructed on a portion of the larger land, the documents showed.

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The office space is located in North Tower, Godrej One, Pirojshanagar, Eastern Express Highway, Vikhroli (East) Mumbai, the documents showed.

The document was registered on April 30, 2024.

Godrej Industries will also get access to 75 car parkings, the documents showed.

Also Read: Godrej Properties sells around 650 homes for more than 2000 crore in Noida

A stamp duty of 9.42 crore was paid for the transaction, the documents showed.

The 9th floor of the building is leased to flexible space provider Simpliwork offices for five years until March 31, 2026. The lease will also get transferred to the new landlord. The security deposit paid by flexible space provider will also be transferred directly by the transferor to the transferee on execution of the transfer deed, the documents showed.

A query has been sent to the company for a comment.

This is interesting in the context of the recent split that happened between two branches of the founding family. Under the family settlement announced on April 30, the group has been split between two branches of the founding family, with Adi Godrej (82) and his brother Nadir (73) on one side and their cousins Jamshyd Godrej (75) and Smita Godrej Crishna (74) on the other.

Also Read: Godrej Properties highest bidder for land parcel in Noida with revenue potential of 3000 crore

Godrej Enterprises Group, comprising Godrej & Boyce and its affiliates that have a presence across multiple industries spanning aerospace and aviation to defence, furniture and IT software, will be controlled by Jamshyd Godrej as chairperson and managing director. His sister Smita's daughter Nyrika Holkar, 42, will be the executive director. Their families will control this arm that will also hold the land bank, including 3,400 acres of prime land in Mumbai.

Also Read: Godrej family amicably splits company; Adi, brother to keep five listed firms

Godrej Industries Group, which includes the listed companies Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astec LifeSciences, will have Nadir Godrej as chairperson and will be controlled by Adi, Nadir and their immediate families, the company had said in a statement earlier.

On May 1, the owner-developer Godrej & Boyce and the development manager Godrej Properties had announced that the two companies would continue their Memorandums of Understanding (MoUs) executed from time to time, for development of land in Vikhroli, Mumbai owned by Godrej & Boyce, as and when the owner intends to developing the said land.

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