Godrej Group seeks large scale division, $4.1 Billion to be equally distributed
Mumbai -The Godrej Group is headed for a split as they have decided to divide their wealth into two groups — one led by Adi and Nadir while the other by Jamshyd and his sister Smita Godrej Crishna.
The 124-year-old conglomerate is worth $4.1 billion but in coming months or probably years, the whole sum will be split between the family members. The group sees a wide variety of things ranging from soaps, home appliances, and real estate. To come to a conclusion, they reportedly sought an external advice post which they all decided to go ahead with this.
The group is led by veteran industrialist Adi Godrej, who is also the chairman of the group at present. His brother Nadir Godrej is the chairman of the Godrej Industries as well Godrej Agrovet while their cousin Jamshyd N Godrej is the head for another vertical Godrej & Boyce Manufacturing Company Ltd.
After successfully running for many years, the group is considering a large-scale division between the prime members who handle the business. The assets linked to the company’s reputation are the main talking points and that is why external help was seeked in the matter.
The family group released a joint statement saying, “The Godrej family has been working on a long-term strategic plan for the group for the last few years to ensure the best value for its shareholders.”
The group was founded in 1897 by Adreshir Godrej. It was not an overnight success for the then-lawyer turned entrepreneur as he had his share of failed ventures and only after investing quite a lot of time was it possible for him to get success through lock businesses.
All those close to the family, a list that involves many notable personalities from the business, are being consulted to get the right advice in the matter. From Uday Kotak to Zia Mody of AZB & Partners and Cyril Shroff, each one of them has been contacted so that the best possible arrangement can be reached on the road ahead.
Adi had started to step aside from an active role in the Godrej industries as in August itself, he had announced stepping down from the position to hand over the bator to his younger brother Nadir. Now the family is focusing on involving the younger generation into the business. As per sources, whatever prospects are being suggested, it is in line with letting the younger generation take charge of a few of things and wait for things to take its natural course.