The new family office will start with funding of a few hundred crore and then seek to raise more capita
In an attempt to invest in new-age businesses and incubate a new set of ideas, the promoters of Godrej Industries are all set to launch a new family office.
According to a report by the Mint, the new family office will start with funding of a few hundred crore and then seek to raise more capital. The will be handled by professionals and Adi Godrej’s son Pirojsha Godrej will supervise the project.
Talking about the initiative, Nadir Godrej, the younger brother of Adi Godrej and the managing director (MD) of Godrej Industries, told Mint, “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 mint report also stated 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.