India's Godrej family, which controls businesses spanning consumer goods, financial services and real estate, has announced it will split the 125-year-old conglomerate to "maintain harmony and better align ownership."
Godrej Industries Group, comprising companies including Godrej Industries Ltd., Godrej Consumer Products Ltd., Godrej Properties Ltd., Godrej Agrovet Ltd. and Astec Lifesciences Ltd., will be controlled by Adi Godrej and Nadir Godrej, according to an exchange filing Tuesday.
Godrej Enterprises Group, which comprises Godrej & Boyce Manufacturing Co. and is present in many sectors such as aerospace, aviation, defense, energy, construction, IT and software, will be controlled by Jamshyd Godrej and Nyrika Holkar, the filing said.
The two entities have entered into a non-competition agreement to ensure their businesses run "smoothly," the filing said, adding that the "realignment" will be implemented after getting regulatory approvals.
