Mumbai: Reclusive 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.
After graduating from Mumbai’s HR College of Commerce and Economics, Naoroji moved to studying and photographing raptors across the world and contributing to their conservation.
In 2006, he authored a book called Birds of Prey of the Indian Subcontinent that covers about 70 species of raptors. In 2011, he founded the Raptor Research and Conservation Foundation in Mumbai.
A member of the Parsi community, Naoroji has described himself in the past as an atheist. He has remained unmarried, and has reportedly said he does not believe in the institution of marriage.
The transfer of Naoroji’s shareholdings to his kin comes at a time when the wider Godrej group is bifurcating along family lines to align with their differing visions for the conglomerate.
Families of siblings Jamshyd Godrej and Smita Godrej Crishna will take control of Godrej Enterprises Group, which will include unlisted Godrej and Boyce. The company has interests in aerospace, aviation, defence, engines and motors, construction, furniture, and software and IT, among other things. It also controls the Godrej family’s land parcel in the Vikhroli suburb of Mumbai that is estimated to span 3,000 acres.
Nyrika Holkar, the daughter of Crishna, will be the fourth-generation business leader of this faction and will succeed uncle Jamshyd Godrej.
Families of brothers Nadir and Adi Godrej will form Godrej Industries Group (GIG) that will be chaired by Nadir. He is to be succeeded by nephew Pirojsha Godrej in August 2026.