IANS | 01 May, 2024
Godrej & Boyce, the owner-developer, and Godrej Properties, the
development manager, announced on Wednesday that the two companies will
continue their association for land development in Vikhroli.
“The
two companies will continue their Memorandums of Understanding executed
from time to time, for the development of land in Vikhroli owned by
Godrej & Boyce, as and when Godrej & Boyce is desirous of
developing the said land,” according to a joint statement issued by the
two groups.
The announcement comes after the larger Godrej family
on Tuesday sealed the deal for dividing their business conglomerate into
two groups to be managed separately by two families.
Godrej
Construction, a business of Godrej & Boyce, designed and built four
phases of Godrej Platinum, an IGBC Platinum-rated 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.
Jamshyd Godrej, Chairperson & Managing Director,
Godrej & Boyce, said: “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-exist harmoniously.
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 & Boyce with a view to making Vikhroli into a
world-class neighbourhood.”
The Godrej family has decided to
restructure its shareholding in their bigger business group of companies
to operate as two entities, Godrej Enterprises and Godrej Industries,
according to a stock exchange filing late on Tuesday.
Godrej
Enterprises Group (GEG) will be headed by Jamshyd Godrej as chairperson
and managing director and his niece Nyrika Holkar as executive director.
GEG operates across aerospace, aviation, defence and liquid engines
among others.
Jamshyd Godrej was earlier serving as managing director and chairman of Godrej & Boyce.
Nadir
Godrej will serve as chairperson of Godrej Industries Group (GIG),
which operates the listed companies including Godrej Industries, Godrej
Consumer Products, Godrej Properties, Godrej Agrovet and Astec
Lifesciences. GIG will be controlled by Nadir's brother Adi Godrej and
their immediate family.