Godrej cousins confirm hiring advisers to explore options for long-term plan

MUMBAI: A day after reports emerged about differences within the

Godrej family

over the road map for the 122-year-old group, chairman Adi Godrej and his cousin

Jamshyd Godrej

issued a terse statement, saying, “We have been working on a long-term strategy plan for the group for several years and, as part of this exercise, we have sought advice from external partners to help us think through options.” They regretted the “sensationalist” media coverage of “normal and private family discussions”.


Banker Uday Kotak and lawyer Cyril Shroff are advising Adi Godrej on “options” for the group’s future plans, while

Nimesh Kampani

of JM Financial and

Zia Mody

of legal firm AZB & Partners are assisting Jamshyd Godrej, chairman of Godrej & Boyce, the privately held holding company of the $5-billion conglomerate.

Godrej & Boyce is the largest private land owner in Mumbai with over 3,400 acres under its possession. One of the key points of conflict between family members is the commercial exploitation of land owned by Godrej & Boyce. Jamshyd is not in favour of utilising all the land for development, while Adi is up for it. Adi is the chairman of Godrej Properties, which is the group subsidiary carrying out real estate development — the company is led by his son Pirojsha. Godrej Properties pays around 15% of the revenue it earns from a project to Godrej & Boyce.

Some family members are not reconciled to the existing arrangement of land ownership (under Godrej & Boyce) and land development (under Godrej Properties). Since various factions have been unable to come to a mutually agreeable pact, they have roped in third parties to help resolve the issue.

One of the overriding factors within the security lock-to-soap conglomerate is that unlike Adi Godrej’s three children who are actively involved with the business, Jamshyd’s two children are not. His son, Navroze, though a non-executive director of Godrej & Boyce, has no role in day-to-day activity.


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