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Nisaba Godrej is stepping down from VIP Industries due to the split of the family business

Nisaba Godrej, a prominent figure in the Godrej Group, has resigned as an independent director of VIP Industries Ltd with effect from June 3, 2024. This resignation also means that she will step down from her role in the company’s Nomination and Remuneration Committee.

Founded in 1968, VIP Industries Limited is a leading global manufacturer and retailer of luggage, backpacks and handbags. The company has a dominant position in the Indian organized luggage market and supplies products to more than 45 countries around the world.

Nisaba Godrej is Executive Chairman of Godrej Consumer Products (GCPL) and has played a pivotal role in shaping and transforming the company’s strategy over the past decade. She is also chairperson of Teach for India and holds board positions at Godrej Agrovet, Bharti Airtel and Mahindra and Mahindra. She received a BSc from the Wharton School at the University of Pennsylvania and an MBA from Harvard Business School.

Recently, the Godrej family, which controls the diverse lock-to-soap conglomerate, agreed to split the company into two branches. This restructuring splits the shareholding and operations into Godrej Enterprises and Godrej Industries. Adi Godrej and Nadir Godrej will continue to head the listed entities under Godrej Industries, while their cousin Jamshyd Godrej will manage the unlisted companies and land bank under Godrej Enterprises.

The family settlement agreement submitted to the exchanges covers aspects such as royalties, branding and land bank development. The agreement aims to maintain mutual respect, goodwill and harmony between the family branches while meeting their diverse expectations and strategic directions.

Industry leaders have praised the family’s handling of the conglomerate’s split. On April 30, 2024, Harsh Goenka noted that the Godrej family settlement was conducted with the elegance and dignity typical of the family, avoiding controversies.

Founded in 1897, Godrej Industries Limited is a holding company with interests in consumer goods, agriculture, real estate, chemicals and financial services, and also serves as an incubator for new businesses. The group consists of five listed companies: Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astec LifeSciences. Of these, Godrej Consumer Products is the largest, with a market capitalization of Rs 1.26 lakh crore as of April 30.

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