Mumbai: The Godrej family has announced its amicable split after 127 years while terming it as “an ownership realignment” of the shareholdings in its companies.
“The realignment has been arrived at in a respectful and mindful way to maintain harmony and to better align ownership in acknowledgement of the differing visions of the Godrej family members,” the statement issued on Tuesday read.
The group has been split between two branches with Adi Godrej (82) and his brother Nadir (73) keeping Godrej Industries which has five listed companies, and their cousins Jamshyd Godrej (75) and Smita Godrej Crishna (74) getting the Godrej Enterprises Group as well as a land bank, including 3,400 acre of prime land in Mumbai.
The Godrej Enterprises Group comprising Godrej & Boyce and its affiliates having presence in multiple industries from aerospace and aviation to defence, furniture and IT software will be with Jamshyd Godrej as chairperson and managing director and Smita’s daughter Nyrika Holkar (42) as its executive director.
Likewise, the Godrej Industries Group (GIG), which includes 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 family members.
Adi’s son, Pirojsha Godrej (42), will be the executive vice chairperson of GIG and will succeed Nadir as the chairperson in August 2026.
The realignment will be implemented after the relevant regulatory approvals are obtained, the statement added.
Investment banker Nimesh Kampani and lawyer Zia Mody were roped in by Jamshyd a couple of years back to advise him on separating the land ownership while Kotak Mahindra Bank’s Uday Kotak and Cyril Shroff of legal firm Cyril Amarchand Mangaldas were assisting Adi, NDTV reported.
Reacting to the split Harsh Goenka, Chairman of RPG Group, wrote on X, “The Godrej family settlement was ‘locked’ today with the elegance and dignity that the family is known for. No controversies, just all clean like their soaps. Good Knight!.” Many Netizens reacted agreeing to his statement.
The Godrej family settlement was ‘locked’ today with the elegance and dignity that the family is known for. No controversies, just all clean like their soaps. Good Knight!
— Harsh Goenka (@hvgoenka) April 30, 2024
