NEW DELHI: The country's legendary business house Godrej is gearing up for a split and the family has thousands of crores of land in addition to its share in the industry. They can also be called Mumbai's 'Landlord', the highest land in Mumbai belonging to the Godrej family. According to media reports, the family has also hired several consultants and top law firms to restructure the business.
According to Business Standard, a 1,000-acre Godrej family plot is located in Mumbai's Vikhroli, which is to be developed and is reported to have a market value of around Rs 20,000 crore. The Godrej family in Vikhroli has a total of 3,400 acres of land.
Sources say, Jamshed Godrej, chairman of Godrej & Sons, is consulting JM Financial giant investment banker Nimesh Kampani and AJB Parsons' lawyer Zia Modi for sharing the land and his cousin and Godrej group chairman. Nadir Godrej, chairman of Ramon Adi Godrej and Godrej Agrovat, is consulting banker Uday Kotak and Cyril Shroff associated with Cyril Amarchand Mangaldas.
According to the Economic Times report, there are differences in the family, especially on how to develop the land. The family of Jamshed Godrej wants not to have too much real estate development on the ground and Nadir Godrej's family wants real estate to be developed on the ground. A spokesman for the company says the two families are scheduled to issue a statement on Thursday.
The Godrej family also has Chairman Adi Godrej and his brother Nadir besides Cousins Rishad, Jamshed, Smita Godrej, etc. Adi's three children are Tanya, Nisaba and Pyrojsha Godrej. Nadir also has three children. Jamshed has two children, Reika and Navroz, while Smita has two children, Freyan and Nirika Godrej.