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Saturday, May 25, 2024

Godrej family reach agreement to divide company holdings

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In Short:

The 126-year-old Godrej Industries conglomerate has been split amicably as per a settlement agreement signed by the family members. This settlement involves two factions of the family, led by Adi and Nadir Godrej, and Jamshyd Godrej with his sister Smitha Godrej Crishna. The agreement ensures that each faction divests their stakes in each other’s companies, allowing for clear control and division of assets.

Godrej Industries Family Settlement: A Tale of Elegance and Dignity

The 126-year-old conglomerate Godrej Industries has undergone an amicable split following a settlement agreement signed by the two factions of the renowned Godrej family. The family divides into Godrej Industries & Associates, led by brothers Adi and Nadir Godrej, and Godrej & Boyce Manufacturing Company, headed by their cousin Jamshyd Godrej and his sister Smitha Godrej Crishna.

A Clean Break

After almost two years of discussions, the family settlement was finalized with grace and respect, reflecting the values that the Godrej family holds dear. As RPG Group’s Harsh Goenka aptly put it, “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.”

Business Operations

Currently chaired by the veteran industrialist Adi Godrej, Godrej Industries Limited operates in various sectors including fast-moving consumer goods, agriculture, real estate, chemicals, and financial services. The group comprises five listed firms—Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet, and Astec LifeSciences.

Details of the Agreement

The settlement between the family members involves divesting stakes held by the two factions in each other’s companies. This move ensures that companies under Godrej Industries & Associates will be under the complete control of Adi and Nadir Godrej, while those under Godrej & Boyce Manufacturing Company will likely fall under the leadership of Jamshyd Godrej and Smitha Godrej Crishna.

For instance, Jamshyd Godrej’s faction will transfer interests in Godrej Consumer Products and Godrej Properties to Adi and Nadir. Furthermore, real estate assets within the group are expected to be managed by Jamshyd’s team. The agreement also outlines the terms for the use of the Godrej brand by the different entities.

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