Godrej Group Seeks Advice From External Partners, For Future Strategies
Godrej Group promoters on June 27, 2019 stated that they had sought advice from external promoters of the company to plan the future business strategies. The announcement came amid reports of a rift between family patriarchs over the long-term planning and utilisation of a prime land parcel in Mumbai. "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," Adi Godrej and Jamshyd Godrej said in a statement.
According to media reports, there were certain frictions between the two sides over land holdings of a 1,000-acre plot in Mumbai's Vikhroli suburb. Out of the total, around 3,000 acres of land parcel is in Vikhroli suburb, while the rest is in Bhandup and Nahur. According to the reports, Godrej Properties, the group's real estate arm, has been developing the land parcels through a development management agreement.