The $4.1 billion Godrej Group, spanning from soaps and home appliances to real estate, is all set for a split between the brothers, reported new agency PTI on October 29.
According to the report, the 124-year-old conglomerate in mulling for a complete large-scale division between two groups -- one led by Adi Godrej and Nadir Godgej, and the other by Jamshyd N Godrej and his sister Smitha Godrej Crishna.
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Currently, the group is led by veteran industrialist and chairman Adi Godrej, while his brother Nadir Godrej is the chairman of Godrej Industries as well as Godrej Agrovet. Cousin Jamshyd heads Godrej & Boyce Manufacturing Company Ltd. which is the conglomerate's flagship firm.
"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," Godrej said in a joint statement.
"As part of this exercise, we have also sought advice from external partners. These discussions between the family remain ongoing," the statement further added. Bankers Nimesh Kampani and Uday Kotak, and legal professionals like Zia Mody of AZB & Partners and Cyril Shroff are now being consulted by the family regarding the issue.
Earlier in August, Adi had announced stepping down as chairman as well as from the board of directors of Godrej Industries Ltd, passing on the baton to his younger brother Nadir.
Currently, his eldest daughter Tanya Dubash is executive director and chief brand officer for the group. While, daughter Nisaba Godrej is currently executive chairperson of Godrej Consumer Products Ltd, while son Pirojsha is the chairman of Godrej Properties.
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