Board of Godrej Industries approves diversification into housing finance and NBFC businesses

At meeting held on 12 February 2021

Godrej Industries announced that Godrej Housing Finance (GHFL), a company owned by the Godrej Family through Anamudi Real Estates LLP (Anamudi), has recently obtained a license to operate as a Housing Finance Company. To pursue the opportunity in housing finance business, the Board of Godrej Industries at its meeting held on 12 February 2021 has approved the proposal of acquiring shares of GHFL from Anamudi, subject to the approval of the Reserve Bank of India.

Keeping in mind the commercial and regulatory considerations, it is also proposed that part of the non-retail lending opportunities could be pursued through another subsidiary of the Company, i.e., Ensemble Holdings and Finance (EHFL), a non-banking finance company registered with the Reserve Bank of India.

From structuring flexibility and value consolidation perspective, it is proposed that GHFL and EHFL would be held through an intermediary subsidiary of the Company. It is proposed to acquire the shares of Pyxis Holdings (Pyxis) from Anamudi.

Accordingly, the Board has approved acquiring 95% stake in Godrej Housing Finance through a subsidiary of the Company, i.e., Pyxis, subject to the approval of the Reserve Bank of India. The Board has approved the acquisition of and further investment in Pyxis. The Investment in Pyxis is subject to approval of the Shareholders of the Company. Pyxis will acquire shares of GHFL and EHFL subject to the approval of the Reserve bank of India.

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