CCI approves realignment of interests, legal ownership, and management of various entities within the Godrej group
FinTech BizNews Service
Mumbai, June 19, 2024: The Competition Commission of India (CCI) has approved the proposed combination involving realignment of interests, legal ownership, and management of various entities 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 SmitaCrishna and family (SVC Family). Such realignment will take place in accordance with the Family Settlement Agreement dated 30thApril 2024 (FSA) executed by the Family Branches (Proposed Combination).
The target enterprises forming part of the Proposed Combination include: (i) the GILAC Group Entities and (ii) G&B Group Entities.
GILAC Group Entities include: (a) Godrej Industries Limited (b) Godrej Consumer Products Limited (c) Godrej Properties Limited (d) Godrej Agrovet Limited (e) Godrej Seeds & Genetics Limited (f) InnoviaMultiventures Private Limited (g) AstecLifesciences Limited and (h) Anamudi Real Estates LLP.
G&B Group Entities include (a) Godrej & Boyce Manufacturing Company Limited; (b) Godrej Holdings Private Limited; (c) Godrej Infotech Limited; and (d) RKN Enterprises.
On April 30, 2024, the Godrej family had announced an ownership realignment of their shareholdings in the Godrej Companies. The realignment had been arrived at in a respectful and mindful way to maintain harmony and to better align ownership in acknowledgement of the differing visions of the Godrej family members. This will help maximize strategic direction, focus, agility, and will accelerate the process of creating long-term value for shareholders and all other stakeholders. The realignment has to be implemented after the relevant regulatory approvals have been obtained.
Godrej Enterprises Group (GEG) comprises of Godrej & Boyce (G&B) and its affiliates, which have presence across multiple industries spanning Aerospace, Aviation, Defence, Engines and Motors, Energy, Security, Building Materials, Construction, Green Building Consulting, EPC Services, Intralogistics, Healthcare Equipment, Durables, Furniture, Interior Design, Architectural Fittings, IT, Software as well as Infrastructure Solutions. On April 30, 2024, the Godrej family had announced that this group will be controlled by Jamshyd Godrej, Chairperson and Managing Director, Nyrika Holkar, Executive Director, and their immediate families.
Godrej Industries Group (GIG), which includes the listed companies, Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astec Lifesciences will have Nadir Godrej as Chairperson and will be controlled by Adi Godrej, Nadir Godrej, and their immediate families. Pirojsha Godrej will be the Executive Vice Chairperson of GIG and will succeed Nadir Godrej as the Chairperson in August 2026.
