Veteran bankers to advise Godrej group promoters on division of assets

Veteran bankers to advise Godrej group promoters on division of assets

The promoters of have hired veteran bankers, Nimesh Kampani and Uday Kotak, and lawyers, Zia Mody and Cyril Shroff to divide the group’s assets among family members.

The talks among family members to divide the $4.1 billion empire have been going on for the last three years, but now consultants have been hired to help the promoters.

The talks are led by , son of group patriarch Adi Godrej, and Jamshyd Godrej who is representing the other side.

At the centre of the dispute is a 3,400 acre land parcel in Vikhroli, a northeastern suburb of Mumbai. Of this, about 1,000 acres can be developed. Another 1,750 acres has mangroves and will not be developed because of environmental concerns, Adi Godrej promised in 2011. Some 300 acres of the land has been encroached upon.

The land parcel can be developed into real estate worth up to Rs 100,000 crore — taking into account the per square feet price in Godrej’s Vikhroli complex.

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