Clearing the market buzz, Chairman of Godrej Group, Adi Godrej and Jamshyd Godrej, in a joint statement to media, have stated that they have been working on a long-term strategic plan for the group for several years.
They have also admitted that they have sought advice from external partners to think through their options.
"We have been working on a long term strategy plan for the Group for several years. As part of this exercise, we have sought advice from external partners to help us think through options," said a release that quoted Adi and Jamshyd Godrej.
According to a CNBC TV18 report, serious differences among the Godrej family members emerged over the direction to be taken by the group, and how its land parcels should be utilised.
The main bone of contention between the family's patriarchs is over a 1,000-acre plot in Mumbai's Vikhroli suburb, and they have sought the intervention of some of India’s top businessmen and lawyers to help resolve their differences, said people intimately familiar with the matter.
Jamshyd Godrej, who controls the unlisted Godrej & Boyce, roped in banker and industry veteran Nimesh Kampani and lawyer Zia Mody as advisors while Adi and Nadir Godrej Kotak Mahindra Bank's Uday Kotak and legal veteran Cyril Shroff on their side.
Godrej Group, set up in 1897 by Ardeshir Godrej, has revenue of over $5 billion with interests spanning from real estate to fast moving consumer goods.
Adi and Nadir Godrej control the group's three listed companies, namely; Godrej Consumer Products Ltd (GCPL), Godrej Properties Ltd and Godrej Agrovet.
Jamshyd-controlled Godrej & Boyce has 4.64 percent stake in Godrej Properties and 7.34 percent in GCPL.
Apart from this, Jamshyd Godrej and family's trust owns 8.66 percent in Godrej Industries.
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