Godrej Promoters To Set Up Family Office: ReportThe move comes after Godrej's consumer products arm was investing INR 100 crore to anchor the early stage fund early spring
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The promoters of Godrej Industries are setting up a family office to invest in new-age businesses, pursue riskier bets in unrelated segments and incubate new ideas, according to a Mint report. The move comes after Godrej's consumer products arm was investing INR 100 crore to anchor the early stage fund early spring.
Nadir Godrej, 72, the younger brother of group chairman Adi, was quoted in the news report as saying, "We have made a few investments already. Often, we want to make early-stage investments, which might be strategic, but it is too early to get (in through Godrej Industries), so, it's better to do it in the family office. Later, if the opportunity is good, we can get it into the business."
The statement reportedly added that, "We are in the process of setting up a family office. Because we have a very diversified business, we usually invest through the businesses. The businesses themselves have occasionally invested in PE-VC funds, sustainability funds and things like that. So, there was no great need for a family office till now."
The family is also working on a charter that will loosely mandate how wealth needs to be utilized and offer broad directives regarding businesses, it added.
