Godrej family to split 127-year-old business empire. Here are the details
Adi Godrej of Godrej group
The Godrej Group, one of India's biggest and oldest industrial houses, is headed for a split.
As per media reports, brothers Adi and Nadir Godrej will head the listed companies, while cousin Jamshyd will get the control of unlisted firms andthe group's huge land holdings.
"To preserve mutual respect, goodwill, amity and harmony and to manage diverse expectations and varied strategic directions desired by each Family Branch, the Family Branches have agreed upon a settlement arrangement amongst the Family Branches," read the regulatory filing with the Bombay Stock Exchange.
The Mumbai-based conglomerate, established in 1897 by Ardeshir and Pirojshah Godrej,also said that the Godrej trademark will be "equally owned and shared by both family groups."
The shareholdings and directorships will need to be realigned for the approval of India's antitrust body, the Competition Commission of India.
The family agreement will come into effect after the regulatory approval is granted.
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Godrej Industries Limited is the holding company of the Godrej Group, with significant stakes in Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astec Lifesciences.
Godrej Industries Limited has a 64.89 per cent stake in Godrej Agrovet, a 23.74 per cent stake in Godrej Consumer Products and owns nearly 48 per cent of thestake in Godrej Properties.
The holding company as well as its subsidiaries are listed on the stock exchange and will be led byAdi and Nadir.
Agro-business company Godrej Agrovet owns over 60 per cent of Astec Lifesciences, whose public shareholders will now receive an open offer from the family membersof Adi and Nadir Godrej.
Godrej Consumer Products is the biggest among the listed firms, with a market capitalisation of about $15 billion. The company sellspopular products ranging from home careto personal hygiene.
The privately-owned Godrej & Boyce and its affiliates, whichwill be led by Jamshyd, have a presence across sectors like aerospace, aviation, defence, energy and security, among others.
(With inputs from agencies)