The Godrej own family, certainly one of the most valuable landowners in Mumbai, has appointed advisors and pinnacle regulation firms to untangle its landholdings. The 1,000-acre land financial institution at Vikhroli, which can be developed, is worth Rs 20,000 crore on the winning price of Rs 20 crore in keeping with an acre in the place, in keeping with actual property specialists.
While Godrej & Boyce chairman Jamshyd Godrej has hired veteran funding banker Nimesh Kampani of JM Financial and attorney Zia Mody of AZB Partners to help within the re-organization of the land holdings, cousins Adi (chairman, Godrej institution) and Nadir (chairman, Godrej Agrovet) have hired banker Uday Kotak and Cyril Shroff of Cyril Amarchand Mangaldas, said a supply close to the development.
The Godrej group owns three, four hundred acres in Vikhroli, a northeastern suburb of Mumbai. Of this, approximately 1,000 acres may be advanced. Another 1,750 acres has mangroves and could now not be evolved due to surroundings worries, Adi Godrej had promised in 2011.
Another three hundred acres of land has been encroached upon. The land parcel may be developed into real property worth up to Rs 100,000 crore — thinking of the consistent with square toes fee in Godrej’s Vikhroli complex. Godrej circle of relatives individuals did now not respond to queries. Spokespersons of Kotak Mahindra Bank and JM Financial additionally did no longer respond, even as law firms Cyril Amarchand Mangaldas and AZB Partners declined to comment.
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The group organizations from both sides also have minority stakes in every other and feature representations on every other’s boards. The Godrej organization was installed with Ardeshir Godrej’s aid in 1897, who started his journey by promoting locks alongside his brother Pirojsha. While Ardeshir Godrej had no kids, Pirojsha’s sons Burjor, Sohrab, and Naval controlled the institution.
The organization is now run by Burjor’s sons Adi and Nadir and Naval’s son, Jamshyd. The subsequent era of the circle of relatives has also joined the institution across various companies. The land parcel became obtained through the Godrej own family in the early Nineteen Forties from the Bombay High Court receiver. It was initially given with the aid of the East India Company to a Parsi service provider, Framjee Banaji, in the 1830s and came up for sale in 1941-42.
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