New Delhi, June 28 (IANS) Industrial conglomerate Godrej Group has denied reports of a dispute in the family over difference of opinion regarding commercial development of a 1,000-acre land.
A joint statement by both Adi Godrej and Jamshyd Godrej described the reports as "sensationalist media coverage" and said the the group has been working on a long term strategy for several years.
"We have been working on a long term strategy plan for the Group for several years. As part of this exercise, we have sought advice from external partners to help us think through options. The family regrets the sensationalist media coverage of these normal and private family discussions," the statement said.
On Thursday, media reports suggested that Group Chairman Adi Godrej and his brother Nadir Godrej are on one side of the turf, who want to commercially develop the landholding of Godrej & Boyce at Vikhroli, a suburb of Mumbai, while Jamshyd Godrej, the Chairman of the holding company and his son are opposed to the idea of "excessive development".
Sources said both the factions have reached out to their counsels to resolve the stalemate and rework the landholding pact.
Adi Godrej and Nadir Godrej, the Chairman of Godrej Agrovet, have hired banker Uday Kotak and Cyril Shroff of Cyril Amarchand Mangaldas, while Jamshyd Godrej has hired veteran investment banker Nimesh Kampani of JM Financial and lawyer Zia Mody of AZB Partners.
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