Godrej 3,000-Acre Land Parcel in Mumbai Under-Scanner
The 124-year-old group owns 3,400 acres in Mumbai, the most expensive real estate market in the country. Of this, the 3,000-acre parcel in Vikhroli has a development potential of over ?1 lakh crore. In the process of division of assets between five family branches, the $4B Godrej Group is finding it tough to split its 3,000-acre land parcel in Vikhroli, Mumbai. The family is finding it tough to defend encroachment. At least some of them in the family want to monetise the land before they lose more area. The Vikhroli property was bought by the then group head Pirojsha, brother of founder Ardeshir Godrej, at a public auction, from the Bombay High Court receiver in 1941-42. It was earlier owned by a Parsi merchant Framjee Banaji — who bought it from East India Company in the 1830s. Godrej Group is led by veteran industrialist Adi Godrej (79) as its Chairman. His brother Nadir is Chairman of Godrej Industries and Godrej Agrovet. Their cousin Jamshyd is Chairman of unlisted Godrej & Boyce Manufacturing Company. His sister Smita Crishna and Rishad Godrej — cousin of Adi, Nadir, Jamshyd — also hold a stake in Godrej & Boyce, which owns most of the property in Vikhroli. A couple of years back, Jamshyd roped in investment banker Nimesh Kampani and lawyer Zia Mody to advise him in separating the land ownership. Kotak Mahindra Bank’s Uday Kotak and Cyril Shroff of legal firm Cyril Amarchand Mangaldas were assisting Adi. Godrejs have said in a joint statement that the family has been working on a long-term strategic plan for the group for the last few years to ensure the best value for its shareholders.
Tags : News/Views Bombay High Court Property land parcel Godrej Group Land Shareholders Vikhroli Family