Headed For Family Split, Godrej Group Looks To Divide $4.1 Billion Empire: Report
NDTV
The group is looking for a complete large-scale division between two groups -- one led by Adi and Nadir, and the other by Jamshyd and his sister Smitha Godrej Crishna.
The $4.1 billion Godrej Group, spanning from soaps and home appliances to real estate, is headed for a split between the brothers, sources aware of the matter said, citing external advice the family has sought for an amicable division of the 124-year-old conglomerate.
At present, the group is led by veteran industrialist Adi Godrej (79), who is its chairman. His brother Nadir Godrej is the chairman of Godrej Industries as well as Godrej Agrovet. Their cousin Jamshyd N Godrej is the chairman of Godrej & Boyce Manufacturing Company Ltd, which is also the flagship firm of the conglomerate, one of India's oldest business houses.
It was founded in 1897 by lawyer-turned-serial entrepreneur Ardeshir Godrej, who after a few failed ventures met success with the locks business. According to a report, the group is looking for a complete large-scale division between two groups -- one led by Adi and Nadir, and the other by Jamshyd and his sister Smitha Godrej Crishna.
When reached for comments, a joint statement by the family said, "The Godrej family has been working on a long-term strategic plan for the group for the last few years to ensure best value for its shareholders."
