India's Godrej family agree to split conglomerate into two

Astec LifeSciences

01/05/2024 05:21

BENGALURU, May 1 (Reuters) - India's Godrej family has
decided to restructure its shareholding in the conglomerate to
operate as two entities, Godrej Enterprises and Godrej
Industries, according to a filing late on Tuesday.
    The realignment will be implemented after the relevant
regulatory approvals have been obtained, after which the two
companies will continue to use the Godrej brand, it added.
    Godrej Enterprises Group (GEG) will be headed by 75-year-old
Jamshyd Godrej as chairperson and managing director and his
niece Nyrika Holkar as executive director.
    GEG operates across aerospace, aviation, defence and liquid
engines among others. 
    Jamshyd Godrej was earlier serving as managing director and
chairman of Godrej & Boyce, the privately held company, founded
in 1897.
    Nadir Godrej, 73, will serve as chairperson of Godrej
Industries Group (GIG), which operates via listed companies
including Godrej Industries  GODI.NS , Godrej Consumer Products
 GOCP.NS , Godrej Properties  GODR.NS , Godrej Agrovet  GODE.NS 
and Astec Lifesciences  ASTE.NS . GIG will be controlled by
Nadir's brother Adi Godrej and their immediate family.
    82-year-old Adi Godrej stepped down as chairman of Godrej
Industries in August 2021, handing over the reign to his
brother, Nadir Godrej.
    Adi Godrej's son Pirojsha Godrej will be named chairperson
of GIG, succeeding Nadir Godrej in August 2026.
    

 (Reporting by Ashna Teresa Britto in Bengaluru; Editing by
Eileen Soreng)
 ((AshnaTeresa.Britto@thomsonreuters.com;))