Land never an issue for GEG family biz split: Jamshyd Godrej, Nyrika Holkar

Jamshyd Godrej and Nyrika Holkar talked about the development of 1,000 acres of prime land in Mumbai, future investment plans, and the need for brand change

After the amicable family settlement signed in April this year, Godrej Enterprises Group (GEG) unveiled its new brand logo on Thursday. In an interview to Jaden Mathew, Sharleen D’Souza, and Dev Chatterjee, GEG Chairman and Managing Director Jamshyd Godrej, and Executive Director Nyrika Holkar talk about the development of 1,000 acres of prime land in Mumbai, future investment plans, and the need for brand change.

 

Your flagship firm Godrej & Boyce Manufacturing Co has 1,000 acres of prime land in Vikhroli, Mumbai. What is your plan for this land?

 

Jamshyd Godrej: For the last 10 years, we have been gradually relocating our businesses out of Mumbai. More than half of our manufacturing plants in the city moved out a decade ago, and the remaining ones are now starting to follow suit. Our appliance division had relocated to Pune and Mohali. Our storage solutions business, which manufactures racks and warehouses, moved to Chennai, and our lock manufacturing business has shifted to Goa. We also moved our furniture business from Vikhroli to a new campus at Khalapur, near Panvel. Our industrial business will soon move to Khalapur as well, leaving little behind in Vikhroli. Eventually, we envision the Vikhroli hub being redeveloped into a mix of office spaces and residential complexes.

 

As part of the family settlement, Godrej Properties, owned by the Adi Godrej family, will handle the marketing of the properties in Vikhroli. How will this arrangement work?

 

JG: We have maintained a long-standing arrangement with Godrej Properties. While we handle the construction and development of properties, Godrej Properties takes care of the marketing. This arrangement remains unchanged. Our approach to land development is that we will proceed as needed, developing the land as per our requirements. Currently, many of our older factory spaces have been repurposed, and are now home to IT companies and back-office operations, with companies like WNS and Accenture having offices there. In future, we will develop a plan for mixed-use development of the property, with Godrej Properties continuing to manage the marketing.

 

What’s your view on the family settlement, considering it was conducted in an extremely cordial manner?

 

JG: The media has been incorrectly stating that the land was an issue (for separation)… it was never an issue. With the new generation taking over in both families, there were different ideas on how to take the businesses forward. Both sides of the family managed the separation extremely well though it took a long time to negotiate. It was done amicably and without any rancour.

 

Do you plan to list Godrej & Boyce, or any of the group companies?

 

JG: There are no plans at the moment to list the companies. But going ahead in the next few years, it's quite possible that some of the businesses may get listed. But nothing has been decided on that yet.

 

There will be a change at the helm of GEG with you (Nyrika) taking over as chair from August 2026. How are you looking forward to your new role?

 

Nyrika Holkar: I believe there are many exciting opportunities for India right now, many of which align with the strengths we've built over decades. With the momentum of government policies and investments under the Viksit Bharat initiative, there are numerous opportunities that tap into these strengths. On the consumer side, we’re seeing a shift in the landscape post-pandemic, with new opportunities emerging. Changes in preferences and tastes are creating space for our consumer businesses — appliances, furniture, and security locks — to offer differentiated products, both in terms of design and engineering. We're excited to continue introducing products that cater for these evolving preferences. We’ve been conducting extensive research, engaging with consumers, and understanding their needs and pain points. This insight forms the foundation of our current businesses, and it drives our ongoing efforts to better meet people's needs.

 

There is a growing consumer shift towards premium appliances, while your focus has been more entrenched in catering for Tier-2 markets and beyond. As you move forward, would you consider premiumising your products, offering additional benefits to consumers, and targeting higher price points?

 

NH: We historically cater for the value market. It's still a very important market for us. But we have also pivoted our portfolio to provide more premium products from appliances, furniture, and security locks because people are demanding that. Today if one has to look at India, even within Tier-2 and Tier-3 cities, there are consumption patterns which match the metros. So, it's about finding the customers who would want these kinds of products. With smartphones and technology, every customer is aware of trends, features, and price points. Therefore, it's really up to us to be able to provide that. There is definitely a shift in terms of R&D towards the fit, feel, finish, and the aesthetic aspect of products, as well as tech integration.

 

Is easy consumer financing still driving the appliance industry to push sales?

 

NH: I think it has definitely opened up the market. It has also made upfront payments not the most important criteria, and that's very important. In terms of financial and digital enablement, it's helping the country to move up. It has definitely helped us.

 

What are GEG's investment plans?

 

JG: We have been in an investment mode for a long time and we've set up a new campus in Khalapur. We set up a process equipment division in Dahej, Gujarat. In the last five years, we have invested around Rs 1,500 crore, and have spent around Rs 500 crore annually on development and capital purchases. I don't see that changing, instead it will increase over time.

 

What was the need for the brand change, and what exactly has changed between the new and the old logo?

 

JG: Following the family settlement, we decided to refresh the branding to reflect a new direction. While the logo itself remains the same, we’ve simplified the background, switching from three colours to a single, unified shade. This change, along with updates on the company’s vision, mission, and values, helps convey that we are evolving while staying grounded in our core identity.

 

Our vision is to be recognised for our commitment to sustainability, innovative solutions, and exceptional business performance. Our mission is to create experiences that engage customers and foster loyalty. Our core values remain integrity, trust, customer centricity, respect, environmental stewardship, and entrepreneurship.

 

When we celebrated our centenary 27 years ago, we had done a full repositioning of Godrej brand with new colours. You can say that the family settlement this year just expedited the entire process and was the trigger for the change.

 

The main thing is that we want to show that we are a separate group and this is our branding and logo, and new purpose, vision, and mission.