The group has opted for the 'family arrangement' route under tax law, which is exempt from capital gains tax
As per the settlement, Adi and Nadir Godrej will control listed companies while cousin Jamshyd gets the control of unlisted entities and the land bank.
As per the report, Adi and Nadir Godrej will divest their stakes in Godrej & Boyce to the other branch. Jamshyd Godrej and his side of the family will transfer interests in Godrej Consumer Products (GCPL) and Godrej Properties to their cousins through a family arrangement.
Billionaire investor Rakesh Jhunjhunwala's top CEO picks include Bhasker Bhat of Titan Industries for exceptional leadership, citing an 85660.68% stock return in 20 years and Adi Godrej, Chairman of Godrej Group for his transparency, capital returns, despite Jhunjhunwala not holding their stocks.
Adi Godrej, Nadir's elder brother and predecessor who helmed the business, had also warned in 2019 that rising intolerance and hate crimes can seriously damage growth.
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.
With Adi Godrej deciding to step down as Chairman of Godrej Industries, his younger brother and successor Nadir has pinned a poem extolling the many virtues that took him to the zenith of Indian industry
Nadir Godrej, apart from assuming the role of Godrej Industries Chairman, would also continue to serve as Managing Director of the company.
The 79-year-old patriarch will continue to be the Chairman Emeritus of the company.
The group expects Godrej Agrovet also to perform well as it is mainly in the palm oil sector and the prices have risen a lot globally in the last month.
As per the report, Godrej's total remuneration in FY19 stood at Rs 6.07 crore, down 20 percent from the previous year.
Adi Godrej and Jamshyd Godrej said that they have been working on a long-term strategy plan for the group for several years.
"In India, our experience has been that lower rates of taxes have led to higher collection of taxes and higher rates of growth. So, we need to have a tax system that is optimal," Godrej said at the Economist India Summit.
The corporate tax rate for larger companies should be brought down to 25 percent, said Adi Godrej, Chairman, Godrej Group.
At the same time Godrej acknowledged that there are certain teething problems under the new tax regime.
Veteran industrialist Adi Godrej today said the Goods and Services Tax (GST) will lead to considerable increase in the GDP in the next six months.
Both were honored for creating inclusive business environments, integrating India in the global supply chain and advancing core values such as manufacturing, innovation and scale in tough market conditions, the USIBC said.
The FY19 growth will be better than FY18 and will hopefully be double digit, said Adi Godrej, Chairman of Godrej Group.
In an interview to CNBC-TV18's Priya Sheth, Adi Godrej, Chairman of the Godrej Group spoke about his outlook and impact of GST rollout for the company and Indian economy.
Adi Godrej, 75, will become Chairman Emeritus after leading the company for 17 years as Nisaba, currently Executive Director of the company, assumes the new role of Executive Chairperson on May 10, 2017.
"They (e-tailers in India) are not making much progress, even modern retail in India is not making much progress," the Chairman of the Godrej Group told PTI, while talking about the scene in this space.
The Chairman of the Godrej Group termed as "ridiculous" suggestions in some industry and business quarters that the GST roll out be pushed to October one from July one.
As Indian family-owned firms grow in size, their need for external investors and talent will rise in tandem, leading to diverse ownerships and professional managements, says Adi Godrej
Godrej Group's FMCG unit Godrej Consumer Products has left demonetisation behind in and expects a better show in the fourth quarter ending March 2017. Adi Godrej, Chairman, Godrej Group, said consumption has picked up and FMCG business is doing good.