A quiet Godrej billionaire gifts all riches to relatives
Godrej billionaire Rishad Kaikhushru Naoroji has decided to gift most of his shares in group companies to nephews and nieces, an executive aware of the development said, in a rare instance of corporate India's super-rich leaving his wealth to relatives. Naoroji, 72, is a third-generation member of the Godrej business family and a cousin of Adi, Nadir and Jamshyd Godrej, and Smita Godrej Crishna. Naoroji owns shares in four of the five listed Godrej companies—Godrej Agrovet, Godrej Consumer, Godrej Properties and Godrej Industries -totalling about ₹7,050 crore as on 1 May.
He also owns stakes in unlisted companies across the group. His shares will be transferred to the two branches of the family, proportionate to their realigned holding in these companies, according to the executive mentioned above. Naoroji's gift comes on the back of family members agreeing to divide the business among themselves and the 127-year-old group making it official on Tuesday.
Son of Kaikhushru and Dosabai, Naoroji is an avid conservationist, who has stayed away from actively managing the Godrej group businesses. An only son to his parents and the youngest in his generation, he has no direct descendants. One of the wealthiest Indians, Naoroji owns stakes across group companies that will form part of the now bifurcated Godrej Enterprises Group and Godrej Industries Group.
An email seeking comments from Naoroji sent on Wednesday remained unanswered till press time. An unorthodox billionaire—Forbes estimates his net worth at $3.8 billion—Naoroji left the day-to-day management of the Godrej business to his cousins. Instead, he spent his years in nature, following his passion for birds of prey.
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