Godrej promoters to come up with new Family Office: Report
As per a media report, the promoters of Godrej Industries are setting up a family office in order to invest in new-age businesses and incubate a new set of ideas.
The new family office will start its operation with a few hundred crore and later will raise more funds. The new project will operate under the supervision of Adi Godrej’s son Pirojsha Godrej.
Talking about the initiative, Nadir Godrej, the younger brother of Adi Godrej and the Managing Director (MD) of Godrej Industries, told the news source, “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."
“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”, he added.
The news source also mentioned that Nadir invested in some companies in his personal capacity.
“Sometimes, I’ve invested in the underlying companies in the fund alongside the fund," he added. His direct investments include Hector Beverages, which owns the Paperboat brand of traditional beverages and foods,” he added.
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