 "This Godrej billionaire has decided to gift most of his shares to family")
Departing from traditional inheritance practices among India's corporate elite, reclusive billionaire Rishad Kaikhushru Naoroji, a third-generation member of the Godrej business family, has decided to gift most of his shares in group companies to his nephews and nieces, according to a report by Mint. This move marks a rare instance of intergenerational wealth transfer within the family.
This decision follows the announcement that the 127-year-old Godrej Group will be split amicably between patriarch Adi Godrej and his cousin, Jamshyd Godrej. The families of Jamshyd Godrej and Smita Godrej Crishna will take control of the Godrej Enterprises Group, while the families of Nadir and Adi Godrej will form the Godrej Industries Group.
Naoroji, 72, who is a cousin of Adi Godrej and Jamshyd Godrej, holds shares in several listed and unlisted Godrej companies, including Godrej Agrovet, Godrej Consumer, Godrej Properties, and Godrej Industries.
His combined shareholding in these companies amounts to approximately Rs 7,050 crore as of May 1. Most of these shares will be distributed among the two branches of the family in proportion to their holdings in these companies.
Known for his passion for wildlife conservation and his avoidance of active involvement in business operations, Naoroji has dedicated his life to pursuits such as studying and photographing birds of prey worldwide.
Despite being one of India's wealthiest individuals, with an estimated net worth of $3.8 billion according to Forbes, Naoroji has chosen to prioritise his interests outside of corporate management.
Naoroji is an accomplished author and conservationist, having written a comprehensive book on 'Birds of Prey of the Indian Subcontinent' in 2006 and founded the Raptor Research and Conservation Foundation in Mumbai in 2011 for the conservation of Asian birds of prey.
Despite his immense wealth and status, Naoroji has led a relatively private life, remaining unmarried and has openly expressed his atheistic beliefs.