The Godrej family confirmed the rumours about their possible split on May 1, 2024, after they shared an official statement revealing the reason behind their split.
The Godrej Family was in the news for some time as reports were rife that they were planning for a possible split. However, all the rumours turned out to be true on May 1, 2024, when an official statement appeared publicly. As per the official statement issued by the Godrej Group, the 127-year-old conglomerate has been split into two parts. While Adi Godrej and Nadir Godrej are on one side, their cousins, Jamshyd Godrej and Smita Godrej Crishna are on the other side.
Godrej Group is one of the oldest and most successful conglomerates in India, and as soon as the news of its split made its way to the public, it created a stir in the business world. According to a report in the Indian Express, Adi Godrej and his brother, Nadir Godrej are keeping the Godrej Industries which has five listed firms. Talking about their cousins, Jamshyd Godrej and Smita Godrej Crishna will be having the unlisted Godrej & Boyce and its affiliates. Not only this, Jamshyd and Smita are keeping a land bank along with some luxurious properties in different parts of Mumbai.
Recommended Read: Smita Jaykar Receives Backlash For Revealing Details About Aishwarya-Salman, Fans Say 'Nosy Aunties'
Talking about the responsibilities of the four members of the Godrej family after the split of the Godrej Group. Nadir Godrej will be the chairperson of Godrej Industries Group, which has five listed companies, Godrej Industries, Godrej Agrovet, Astec Lifesciences, Godrej Consumer Products, and Godrej Properties.
As per multiple reports, Godrej Industries Group will be controlled by Adi Godrej and his immediate family. Not only this, Adi Godrej's son, Pirojsha Godrej will be the executive vice chairperson of GIG.
Moving forward to the other side of the split, Godrej & Boyce has affiliates in industries such as aerospace, aviation, defence, IT software, furniture, and many more. While Jamshyd Godrej will be the chairperson and managing director of Godrej & Boyce, his sister, Smita Godrej Crishna's daughter, Nyrika Holkar, will be the company's executive director.
Don't Miss: Ankita Lokhande Rejects Karan Johar's Offer For 'Student Of The Year 3'? Here's What We Know
As per the official statement shared by the Godrej Group, the split is done with the aim of maintaining harmony among the family members of the Godrej family. Further, in the same statement, the Group also added that the decision to split the conglomerate into two parts will create long-term value for its shareholders and stakeholders. An excerpt from the official statement can be read as:
"The realignment has been arrived at in a respectful and mindful way to maintain harmony and to better align ownership in acknowledgement of the differing visions of the Godrej family members. This will help maximize strategic direction, focus, and agility, and will accelerate the process of creating long-term value for shareholders and all other stakeholders."
What are your thoughts on Godrej Group's split after 127 years? Let us know.
Also Read: Fardeen Khan On His Hiatus Of 14 Years, Reveals He Needed Some Time To Cope With His Father's Demise