A 122-year old Indian business family has hired bankers and lawyers to split the land of their fathers
- Cousins Adi Godrej and Jamshyd Godrej are known to have differences in opinion on how to develop their massive land bank
- Their grandfathers have founded the Godrej Group and have been acquiring this land since the 1940s.
- Jamshyd has hired Nimesh Kampani of J M Financial while Adi and his brother Nadir have hired Uday Kotak and Cryril Shroff for negotiations.
Cousins Adi Godrej and Jamshyd Godrej are known to have differences in opinion on how to develop their massive land bank that extends over 3,400 acres in Mumbai.
The Godrej family released a joint statement by Adi Godrej and Jamshyd Godrej, calling them ‘normal’ family discussions.
We have been working on a long term strategy plan for the Group for several years. As part of this exercise, we have sought advice from external partners to help us think through options. The family regrets the sensationalist media coverage of these normal and private family discussions.
Their grandfathers have founded the Godrej Group and have been acquiring this land since the 1940s. And a large chunk of it, around a 1,000 acres lies in the prime real estate areas of Vikhroli.
While Adi heads Godrej Consumer and Godrej Properties, Jamshyd is the chairman and managing director of Godrej and Boyce.
The closely held Godrej and Boyce is the owner of most of this land, while Adi’s real estate development company, Godrej Properties pays around 15% of the project revenue to them, as per an ET report.
Now, however, both sides have hired investment bankers and lawyers to re-work family arrangements, in order to make way for Adi’s properties business to turn into the city’s largest real estate developer.
Top investment bankers will be a part of tough negotiations to untangle the complicated family pacts. While Jamshyd has hired Nimesh Kampani of J M Financial while Adi and his brother Nadir have hired Uday Kotak the chairman of Kotak Mahindra Bank and Cryril Shroff of Cyril Amarchand and Mangaldas, as per a report by Business Standard.
The Godrej Group was founded by Ardeshir Godrej along with his brother, Pirojsha Godrej in 1987. Pirojsha’s sons formed the second generation as Ardeshir died childless. The third generation consists of Adi, Nadir and Jamshyd.