Data recap: Godrej split, Wipro CEO pay, Big 6’s lens

livemint.com:

Mint in the week gone by. The Godrej group, which began its journey as lock-maker 127 years ago, is now dividing its assets as the descendants have decided to go their separate ways. Meanwhile, Wipro’s new chief executive officer Srinivas Pallia, who took over for five years on 7 April, stands to earn up to $7 million ( ₹58.5 crore) in remuneration in his first year.

Two branches of the Godrej family have decided to divide the 127-year-old business empire between them. With divergent visions for the future, third-generation siblings Adi and Nadir (sons of Burjor) have decided to part ways from cousins Jamshyd and Smita (children of Naval). Nadir and Adi will inherit listed companies Godrej Industries Ltd, Godrej Properties Ltd, Godrej Agrovet Ltd, Godrej Consumer Products Ltd and Astec Lifescience Ltd — known collectively as Godrej Industries Group.

Jamshyd and Smita will get an unlisted company called Godrej & Boyce Mfg Co Ltd, which will continue under the Godrej Enterprises Group. Estimates compiled by the Reserve Bank of India (RBI) indicate that the number of employed people increased by nearly 5% to 580 million during the financial year 2022-23, a Mint report said, quoting unidentified officials. The data, part of the RBI’s annual KLEMS database, is likely to be released officially in a couple of months.

The estimates are based on an analysis of the Periodic Labour Force Survey data for the same period. The growth was likely influenced by the relatively low base of the pandemic years. $7 million: That's the remuneration Wipro's new chief executive officer Srinivas Pallia could get in his first year.