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The Godrej family has sealed the deal to amicably split the 127-year-old conglomerate that spans from production of soaps and home appliances to real estate.
The founding family of Godrej Group, which deals in locks, soaps, aerospace and real estate, has finalised an agreement to amicably split the 127-year-old conglomerate, the group announced in a joint statement.
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“The realignment in the conglomerate, incorporated back in 1987, 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,” both sides of the family said in a statement.
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As per the agreement, Adi Godrej and his brother Nadir will keep Godrej Industries that has five listed firms, while his cousins Jamshyd and Smita will get Godrej & Boyce and a prime land in Mumbai.
The Godrej & Boyce and its affiliates that have been given to Jamshyd and Smita have a presence across multiple industries spanning aerospace and aviation to defence, furniture and IT software.
Jamshyd Godrej will be the chairperson and managing director of the Godrej & Boyce, while his sister Smita’s daughter Nyrika Holkar will be the executive director.
On the other hand, Godrej Industries Group which has five listed firms – Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astec Lifesciences – will be controlled by Nadir, Adi and their family members. Nadir will be the chairperson of the group.
The families said that the move will help maximize strategic direction, focus, agility, and will accelerate the process of creating long-term value for shareholders and all other stakeholders.
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