Godrej Family, a cen͏tury-old ͏conglomerate, ͏has begun the process of formal division, as reported by The Economic Times, citing sources familiar with the matter. This move involves the division of the century-͏old conglomerate, leading to ͏the exit of family members from each other's company boards, and moreover, divestment of their stakes.
Branch Division
The division is primarily centers between two branches ͏of the͏ founding family: A͏di and Nadi͏r Godrej's Branch,͏ which includes Adi Godrej and his brother Nadi, and the other, Ja͏mshyd Godrej's Branch, which includes Jamshyd Godrej and his sister Smita Godrej Crishna.
Board Resignations
Earlier͏ this year, major resignations were tendered, signifying the commencement of the division process. Adi and͏ Nadir Godrej resigned from͏ the Godrej & Boyce Board, while Jamshyd Godrej stepped down from his seats on the boards of GCPL (Godrej ͏Consumer Products Ltd) and Godrej Properties.
Transfer of Stakes
As per the report, Adi and Nadir Godrej are set to͏ divest their interests in Godrej & Boyce to the other branch of the family. Similarly, Jamshyd Godrej and his faction will͏ transfer their ͏interests in Godrej Consumer Products (GCPL) and Godrej Properties to their ͏cousins through a family arrangement.
Real Estate͏ Holdings
The Economic Times report also highlights that a significant aspect of the division pertains to the ͏real estate assets valued at͏ approximately Rs 3,400 ͏crore, primarily situated in the Mumbai suburbs, which will remain under under Godrej & ͏Boyce (G&B).
As per the͏ report, it is anticipated͏ that ͏a separate agreement will be formulated to regulate ownership rights of these assets.
About Godrej Group
The Godrej Group, comprises five publicly listed companies ͏which ͏include:
1. GCPL ͏(Godrej Consumer͏ Products Ltd.)
2. Godrej Properties
͏3. Godrej Industries
4. ͏Godrej Agrovet
5. Astec Lifescience
