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Godrej and Boyce and Godrej Properties announced that the two companies will continue their Memoranda of Understandings executed from time to time, for the development of land in Mumbai's Vikhroli owned by the former, as and when it is desirous of developing the said land.
Godrej Construction, a business of Godrej and Boyce, designed and built four phases of Godrej Platinum, a residential development project with a total constructed area of 1 million square feet, which has been marketed by Godrej Properties and, in March 2024, a new project named Godrej Vistas was successfully launched under this arrangement, as per a joint statement. The founding family of the 127-year-old Godrej Group, which deals in locks, soaps, aerospace and real estate, has reached an agreement to split the conglomerate, as per a joint announcement. On Tuesday, the Godrej family announced an ownership realignment of their shareholdings in the Godrej Companies. "The future development of Vikhroli presents a unique opportunity to create a holistic space in the metropolis of Mumbai where urban development and biodiversity co-exists harmoniously," said Jamshyd Godrej, Chairperson and Managing Director, Godrej and Boyce. "Godrej Construction and Godrej Properties bring complementary strengths, and this has translated into the launch of successful real estate projects in Vikhroli." Pirojsha Godrej, Executive Chairperson, Godrej Properties, said, "We look forward to continuing our association with Godrej and Boyce with a view to make Vikhroli into a world-class neighborhood that delivers its residents an outstanding quality of life while ensuring the highest standards of sustainable development." Meanwhile, the realignment in the conglomerate, incorporated back in 1987, has 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, both sides of the family said in a statement. This is expected to help maximize strategic direction, focus, agility, and will accelerate the process of creating long-term value for shareholders and all other stakeholders. The realignment will 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. This group will now 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. Both Groups will continue to use the Godrej brand and are committed to growing and strengthening their shared heritage, according to a joint statement. (ANI)
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