Godrej empire enters a new phase
Whenever there is mention of business houses before India's independence, the name of Godrej Family also comes to light
Mumbai: Whenever there is mention of business houses before India's independence, the name of Godrej Family also comes to light. The business of this family has spread from real estate to consumer products, but now this 127 year old family has been divided and the business of Godrej Group has been divided into two parts.
On one hand, the stock market listed Godrej firms have gone to Adi Godrej and his brother Nadir Godrej, while the non-listed companies of the group have gone to cousin Jamshed and his sister Smita. The total value of the group is around Rs 2.34 lakh crore.
Adi Godrej is in command of these listed companies.
After signing an agreement regarding this division in Godrej Family, it has been announced that the business of the group will be divided. Five companies of the group are listed in the stock market and these include Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astech Life Sciences. Their responsibility has gone to 82 year old Adi Godrej and his brother 73 year old Nadir Godrej.
What did the cousins get in the partition?
Adi Godrej is currently the chairman of Godrej Group and his brother Nadir is the chairman of Godrej Industries and Godrej Agrovet. Additionally, his cousin Jamshed is chairman of unlisted Godrej & Boyce Manufacturing Company, while sisters Smita Krishna and Rishad Godrej also have stakes in Godrej & Boyce, which owns most of Vikhroli's assets.
Under the partition, it has been agreed to give the ownership of the unlisted company Godrej & Boyce to Adi and Nadir Godrej's cousins Jamshed and Smita. Along with this, he will also get a big property of Godrej Group in Mumbai. This land bank in Mumbai is of 3400 acres. It is noteworthy that Vikhroli is a suburb of Mumbai and out of the 3,400 acres of land owned by Godrej & Boyce, 1,000 acres can be developed. The price of land here is sky high.
Contribution in building the country since 1897
After partition, Nadir Godrej said that Godrej was founded in 1897 to help build economic independence for India. We look forward to carrying forward this legacy with a focus on business. Cousin Jamshed Godrej says that Godrej & Boyce has always been inspired by the strong objective of nation building. Now with this family agreement, we will work to further its growth.
Rise in Godrej Stocks
Before the division of business in Godrej Group, there was a strong rise in the shares of listed companies of the group in the stock market on Tuesday. The shares of Godrej Industries Limited reached the level of Rs 965 with a jump of 6.16 percent. Apart from this, shares of Astec LifeSciences Limited closed at Rs 1285.90 with a rise of 4.49 percent. Shares of Godrej Consumer Products closed up by about 1 percent, while shares of Godrej Properties Ltd closed up by 0.68 percent
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