CCI approves Godrej family settlement proposals

The Competition Commission of India (CCI) has cleared the proposed realignment of interests, legal ownership and management of various entities within the Godrej group, the antitrust regulator said on Tuesday.

The proposed combination follows an “inter-se arrangement between the members of the family branches, that is Adi Godrej and family, Nadir Godrej and family, Jamshyd Godrej and family and Smita Crishna and family”, the regulator said in a late-night statement.

Such a realignment will take place in accordance with the family settlement agreement of April 30 executed by the family branches, it added.

The target enterprises that are part of the proposed combination include entities of the GILAC Group and G&B Group, the CCI said.

GILAC Group entities include Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet, Godrej Seeds & Genetics, Innovia Multiventures, Astec-Lifesciences and Anamudi Real Estates.

G&B Group entities include Godrej & Boyce Manufacturing Company, Godrej Holdings Private Limited, Godrej Infotech and RKN Enterprises, the regulator said.

Founding family members of the Godrej Group reached an agreement to split the conglomerate, with Adi Godrej and his brother Nadir keeping Godrej Industries that has five listed companies, while cousins Jamshyd and Smita getting unlisted Godrej & Boyce and its affiliates as well as a land bank, as per the group’s announcement on April 30.