On Friday, Adi Godrej will resign as Chairman of Godrej Industries Ltd (GIL) on October 1, and his younger brother, Nadir Godrej, currently the GIL Managing Director, will succeed him, was announced.

Adi Godrej, 79, will also step down from the GIL Board of Directors but will continue to serve as the Chairman of the Godrej Group and GIL Chairman Emeritus. At the same time, Nadir Godrej, 69, will become the Chairman and Managing Director at the Mumbai-headquartered GIL, as per the company.

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In his comments on the development, the outgoing Chairman said that it was a “privilege to serve the GIL for over four decades”, during which it had delivered strong results and transformed the company.

“I am grateful to our Board for their support and guidance; to all our team members whose passion, commitment and hard work have driven our success; and to all our customers, business partners, shareholders, investors, and communities, for their continued partnership,” Adi Godrej said.

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Godrej Industries Ltd (GIL)-View Detailed Analysis