The Competition Commission of India (CCI) has approved the proposed internal restructuring within the Godrej group, involving a realignment of interests and management across various entities.
New Delhi, Jun 18 (PTI) The Competition Commission of India (CCI) on Tuesday said it has approved the proposed internal realignment within the Godrej group.
"The proposed combination relates to realignment of interests, legal ownership, and management of various entities within the Godrej group pursuant to an inter-se arrangement between the members of the Family Branches viz 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 release.
Such realignment 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 encompass entities like 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 enterprises forming part of the proposed combination include the Godrej Industries & Associate Companies (GILAC) Group entities and G&B Group firms.
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 127-year-old Godrej Group, which spans from soaps and home appliances to real estate, announced that it had reached an agreement to split the conglomerate, with Adi Godrej and his brother Nadir keeping Godrej Industries that has five listed firms, while cousins Jamshyd and Smita getting unlisted Godrej & Boyce and its affiliates as well as a land bank, including prime property in Mumbai.
The group has been split 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.
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