look news india
The Godrej family has officially parted ways. Adi Godrej and his brother, heirs of the entrepreneurial family that laid the foundation of business in the country 127 years ago, will get the listed companies under the demerger agreement. The shares of his cousins will come in unlisted companies.
Statement issued after signing the partition
The 127 year old Godrej family is now divided into two parts. According to a statement issued after the signing of the demerger agreement, Adi Godrej and his brother Nadir have acquired the rights of Godrej Industries. He has five companies listed. While Adi Godrej's cousins Jamshed and Smita will get ownership stake in unlisted company Godrej & Boyce. Both will get a large plot of land and prime property in Mumbai along with companies associated with Godrej & Boyce. It is noteworthy that the business of Godrej Group extends from soap and home appliances to real estate.
The family was divided into two branches
According to a statement issued by the Godrej Group, the group is divided between two branches of the founding family. One share will be given to 82 year old Adi Godrej and his 73 year old brother Nadir. While the other share will go to his cousins 75-year-old Jamshed Godrej and 74-year-old Smita Godrej Krishna. The Godrej family has described the demerger process as a restructuring of the ownership rights of shareholders in the Godrej companies. The statement further said that both the groups will continue to use the Godrej brand. Despite the divide, both parties remain committed to enhancing and strengthening their common heritage.