Name Godrej family | ||
The Godrej family, is an Indian Parsi family that manages and largely owns the Godrej Group, a conglomerate founded by Ardeshir Godrej and his brother Pirojsha Burjorji Godrej in 1897, spanning sectors as diverse as real estate, consumer products, industrial engineering, appliances, furniture, security and agricultural products. Headed by Adi Godrej alongside his brother, Nadir Godrej, and cousin, Jamshyd Godrej, the family is one of the richest in India; with an estimated net worth of $11.6bn as of 2014.
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History
The family's presence in business began in Bombay in 1897, when Ardeshir Godrej, after reading a newspaper article about rising citywide crime rates, began developing and selling locks, with the assistance of his brother Pirojsha. Ardeshir Godrej died childless; Pirojsha Godrej's sons Burjor, Sohrab, and Naval succeeded in the second generation. Today, grandsons Adi, Nadir, and Jamshyd manage the group. The initial venture, Godrej Brothers, has since diversified across sectors and evolved into multiple companies under the umbrella of the Godrej Group, including Godrej Industries, Godrej Agrovet, Godrej Consumer Products, Godrej Properties, Godrej Infotech, and the holding company Godrej & Boyce.
Estate in Mumbai
Among the family's most valuable assets is a 3,500-acre estate in Vikhroli, Mumbai, the value of which is estimated at $12 billion if developed; in 2011, the family announced plans to develop three million square feet by 2017, through an internal joint venture composed of Godrej Industries and Godrej Properties. For decades, the family has preserved some 1,750 acres of mangrove swamps within the estate, leading to the 2012 inclusion of Adi Godrej and Jamshyd Godrej in Forbes magazine's list of the richest green billionaires. On June 18, 2014, Godrej family bought the iconic bungalow of Homi J. Bhabha, Mehrangir, for Rs. 372 Cr through an auction initiated by The National Centre for the Performing Arts (NCPA).