The Competition Commission of India (CCI) on Tuesday said it has approved the proposed internal reshuffle within the Godrej group.
“The proposed combination involves realignment of interests, legal ownership and management of various entities within the Godrej group under an interse arrangement between the members of the Family Branches namely Adi Godrej and family (ABG Family), Nadir Godrej and family (NBG Family), Jamshyd Godrej and family (JNG Family) and Smita Crishna and family (SVC Family),” CCI said in a press release.
Such rescheduling will take place under the Family Settlement Agreement (FSA) dated April 30, 2024, executed by the family branches, it added.
Under the terms of the FSA, the realignment will include entities such as the GILAC Group Entities and G&B Group entities, marking a strategic effort to streamline operations and consolidate governance structures within the conglomerate.
The target companies included in the proposed combination include the entities of Godrej Industries & Associate Companies (GILAC) Group and the companies of G&B Group.
GILAC group companies include Godrej Industries Ltd, Godrej Consumer Products, Godrej Properties, Godrej Agrovet and AstecLifesciences Ltd, while G&B Group entities include Godrej & Boyce Manufacturing Company, Godrej Holdings, Godrej Infotech and RKN Enterprises.
In April, the founding family of the 127-year-old Godrej Group, which spans from soaps and home appliances to real estate, announced that they had reached an agreement to split the conglomerate, with Adi Godrej and his brother Nadir Godrej Industries, which owns the active in recent years. five listed companies, while cousins Jamshyd and Smita will get unlisted Godrej & Boyce and its subsidiaries, as well as a land bank, including prime real estate in Mumbai.
The group is divided between two branches of the founding family, with Adi Godrej (82) and his brother Nadir (73) on one side and their cousins Jamshyd Godrej (75) and Smita Godrej Crishna (74) on the other.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First print: June 18, 2024 | 11:19 PM IST