“Guess (only) The Parsis know how to do this right 👍 – low profile – respectful of each other – and win win for all,” Ronnie wrote on X (formerly Twitter).
Social media users agreed with Ronnie’s viewpoint, highlighting the gracious process of division. “So true, executed the division so graciously,” one user wrote, while another said, “The Parsis always know how to live and deal with grace.”
“True. Parsis built some of the finest business empires while contributing to Indian economy over last 70 years. Pure grace and business acumen, runs in their families i guess,” the third user commented.
Godrej’s succession plans
The Godrej family has revealed its succession plan after the split. Adi Godrej and brother Nadir Godrej will keep the listed stock exchange listed companies.
Pirojsha Godrej, son of patriarch Adi Godrej, will take over as chairman of the Godrej Industries Group in August 2026. Currently, the 43-year-old is the executive chairperson of Godrej Properties, Godrej Fund Management, and Godrej Housing Finance, and a non-executive director of Godrej Consumer Products and Godrej Agrovet.
While Nyrika Holkar, daughter of Smita Godrej Crishna will be the face of Godrej Enterprises Group, Nadir Godrej will be the chairperson of Godrej Industries Group (GIG), Godrej Seeds and Genetics, Innovia Multiventures, and all their subsidiaries and joint ventures, according to a Business Standard report.
The next generation of the multibillionaire families joined the firm as well, taking on important leadership roles in its companies. Nisaba Godrej, the daughter of Adi Godrej, is the executive chairman of Godrej Consumer Products. The eldest child and Adi’s older daughter, Tanya Dubash, serves as executive director of Godrej Industries, the Adi/Nadir family’s main company. She also leads the group’s brand.
On the other hand, Jamshyd will now become the chairperson and managing director of Godrej Enterprises Group and Nyrika Holkar will be its executive director. Smita’s daughter, Freyan Crishna Bieri is a non-executive director of Godrej & Boyce and Jamshyd’s son, Navroze Godrej is a non-executive director of the unlisted company with large tracts of land in Mumbai.
Godrej split
Last week, the family behind the Godrej brand declared a split of assets into two business groups. Soaps and suds on one side, locks and fridges on the other would be the retail-level view of it.
The Godrej Industries Group (GIG) of brothers Adi and Nadir Godrej will house listed firms Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astec Lifesciences, while the Godrej Enterprises Group (GEG) of their cousins Jamshyd Godrej and Smita Crishna will have the unlisted Godrej & Boyce, which has over a dozen divisions, as its flag-bearer.
The family agreement includes a deal not to compete among themselves for six years, except in real estate. After that, they can venture into each other’s other markets, but not under the Godrej brand.
The pact also stated that GIG has exclusive rights to it in sectors of proven success such as fast moving consumer goods (like soap), financial services, pharma, diagnostics and chemicals, while GEG has that privilege in defence, consumer durables (like ACs and fridges), medical devices, construction materials, interior design, electric mobility, software services and security products (like locks and safes).
In real estate, both plan to work in alliance, possibly with GIG as property marketer and GEG as land developer, as they’ve done under an earlier agreement that’s said to have held steady.
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Published: 06 May 2024, 09:46 AM IST
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