20.8 C
New York

Godrej family begins formal division of group, will start divestments soon: Report

Published:

Apr 19, 2024 10:54 AM IST

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.

Godrej Group Chairman Adi Godrej
Godrej Group Chairman Adi Godrej

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.

HT launches Crick-it, a one stop destination to catch Cricket, anytime, anywhere. Explore now!

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.

  • ABOUT THE AUTHOR
    author-default-90x90

    Follow the latest breaking news and developments from India and around the world with Hindustan Times’ newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we’ve got you covered.

Related articles

Recent articles

spot_img