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<keyword id="6359861" type="UNKNOWN" weightage="20" keywordseo="Veteran">Veteran</keyword> industrialist Adi Godrej will step down as chairman as well as from the board of directors of <keyword id="167591" type="COMPANY" weightage="20" keywordseo="Godrej-Industries-Ltd">Godrej Industries Ltd</keyword>, passing on the baton to his younger brother Nadir Godrej, effective October 1, according to a company statement. The 79-year-old industrialist will continue to serve as chairman of the <keyword id="133008" type="COMPANY" weightage="20" keywordseo="Godrej-group">Godrej Group</keyword> and chairman emeritus of GIL, said the statement. "Nadir Godrej, who is currently managing director of GIL, will take over as chairman and managing director of the company," it added. GIL is a holding company of the Godrej Group. It has significant interests in consumer goods, real estate, agriculture, chemicals and financial services through its subsidiary and associate companies, across 18 countries. Adi Godrej has served GIL for almost four decades. "It has been a privilege to serve <keyword id="113571" type="CITY" weightage="20" keywordseo="Godrej-Industries">Godrej Industries</keyword> for over four decades, during which we have delivered strong results and transformed our company," said Adi Godrej. He thanked the board for its support and guidance, his team members, business partners, shareholders, investors, and communities, for their continued partnership. "I am very confident that our best years are ahead of us, and I look forward to Nadir and our team achieving our exciting aspirations," Adi Godrej. In the statement, Nadir Godrej thanked his brother for his vision and leadership, which shaped the company. "On behalf of our team at Godrej Industries and our board, I want to thank our chairman for his vision, values and exceptional leadership that has guided and shaped our company. "Our leadership team is committed to building forward on these foundations; continuing to serve our people and communities, and creating long-term value for all our stakeholders," said Nadir Godrej said. On August 4, Adi Godrej announced to step down from the board of group's FMCG arm, Godrej Consumer Products Ltd (GCPL), effective next month. In GCPL, he already passed on the baton to his younger daughter Nisaba Godrej in 2017 as chairman. But, he will remain as chairman emeritus of the FMCG firm. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/india-now-has-four-edtech-unicorns-byju-unacademy-eruditis-upgrad/articleshow/85300757.cms">From Byju’s to Eruditus — India now has four edtech unicorns, thanks to a $4 billion funding inflow since 2020</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/realme-book-slim-laptop-launching-in-india-on-august-18-check-expected-price-and-specifications/articleshow/85299743.cms">Realme Book Slim laptop launching in India on August 18 – specs, expected price and everything we know so far</a>

Adi Godrej to step down as Godrej Industries' chairman and board of directors

<ul><li><keyword id="33278" type="PERSON" weightage="20" keywordseo="Rahul-Bajaj">Rahul Bajaj</keyword> said Indian businesses are worried about repercussions if they criticise Prime Minister Narendra Modi’s administration. </li><li>Former Prime Minister <keyword id="6359397" type="PERSON" weightage="20" keywordseo="manmohan-singh">Manmohan Singh</keyword> also said there’s a climate of fear and mistrust among various economic participants including industrialists, bankers and policymakers. </li><li>Vodafone Chief Executive Nick Read landed himself with two lawsuits after he hinted at possible collapse in India operation. </li></ul>Industrialist and Bajaj Group chairperson Rahul Bajaj is making waves for his remarks on the Modi government. The 81-year old said Indian businesses are worried about repercussions if they criticise Prime Minister Narendra Modi’s administration. “None of our industrial friends will speak about it, but I’ll say that openly, You’re (Narendra Modi led government) doing a good job, but despite that, we’re not confident you’ll appreciate if we openly criticise you,” said Bajaj. Bajaj alleged that government is creating an environment of fear where people are not allowed to question it The comment comes at a time when the health of India’s economic growth is worse than expected. Its GDP for the second quarter fell to 4.5%. Moreso, unemployment is rising, and the banking sector is in crisis mode. Bajaj earlier too said that times are difficult time for auto sector without neither demand nor investment. In November 2019, his <keyword id="6359783" type="COMPANY" weightage="20" keywordseo="bajaj-auto">Bajaj Auto</keyword> saw a 12% decline in sales,<a href="https://www.google.com/search?q=bajaj+auto+november+2019+sales&amp;rlz=1C1GCEU_enIN864IN864&amp;oq=Bajaj+Auto+november&amp;aqs=chrome.1.69i57j0l4.4855j0j7&amp;sourceid=chrome&amp;ie=UTF-8"> according to ET Auto. </a> Bajaj is among the handful of people who spoke against the government publicly. Former Prime Minister Manmohan Singh <a href="https://www.thehindu.com/business/Economy/45-gdp-growth-rate-unacceptable-worrisome-manmohan-singh/article30117648.ece">too said there’s a climate of fear and mistrust among various economic participants</a> — industrialists, bankers and policymakers. Here are a few others who dared to bell the cat Vodafone Chief Executive Nick Read landed himself with two lawsuits 
 
 
 
 
 
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 Vodafone chief executive Nick Read landed himself with two lawsuits. In November 2019, Vodafone CEO hinted to reporters in London about a possible collapse of its Indian operation if the government does not give relief to the massive deferred spectrum dues amounting<a href="https://www.businessinsider.in/business/corporates/news/vodafone-idea-posts-a-historic-50000-crore-loss-over-agr-dues/articleshow/72064458.cms"> to ₹44,150 crore. </a>As soon as the press conference was over, two lawsuits were filed against him, <a href="https://www.scmp.com/week-asia/economics/article/3038987/tax-terrorism-indias-slowing-economy-takes-deadly-turn-modis">reported South China Morning Post</a>. Union Telecom and Communications Minister Ravi Shankar Prasad is known to have “expressed disapproval and displeasure over the tone and tenor” of the comments to <keyword id="6354955" type="PERSON" weightage="20" keywordseo="Kumar-Mangalam-Birla">Kumar Mangalam Birla</keyword>, Vodafone’s JV partner. A day later, Read<a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/government-unhappy-over-vodafones-biz-uncertainty-remarks-ceo-says-media-distorted-statement/articleshow/72045518.cms?from=mdr"> apologised</a> to the Indian government and blamed the media coverage for distorting his remarks. He further asserted that Vodafone will “<a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/government-unhappy-over-vodafones-biz-uncertainty-remarks-ceo-says-media-distorted-statement/articleshow/72045518.cms?from=mdr">remain invested” in India.</a> Kumar Mangalam Birla criticised the UPA government 
 
 
 
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 Not just the Modi government, even the UPA was merciless when it came to dealing with dissenters. In 2012, Kumar Mangalam Birla the billionaire promoter of the $48.3 billion Aditya Birla Group, famously gave <a href="https://www.business-standard.com/article/companies/policy-paralysis-has-shaken-investors-confidence-birla-112081800054_1.html">currency to the phrase </a>'policy paralysis' which went on to describe the second five-year term of the Manmohan Singh government. What he didn't know was that soon after the sleuths at CBI would chase him after a surprise raid at a Hindalco office found Rs 5 crore unaccounted cash in its premises. This money got linked to the infamous coal allocation scam. While the firm lost its coal mine <a href="https://www.forbes.com/sites/naazneenkarmali/2013/10/15/billionaire-kumar-birla-dragged-into-indias-coalgate-scandal/#5d145b0e180a">Talbira II in Odisha</a>, Birla himself has since been acquitted in the case of the cash in one of his offices. HDFC chairman <keyword id="6448020" type="PERSON" weightage="20" keywordseo="Deepak-Parekh">Deepak Parekh</keyword> said there's no ease of doing business in India 
 
 
 
 
 
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 A year after Modi’s landslide win in 2014,<a href="https://www.hindustantimes.com/business/pm-had-9-lucky-months-impatience-creeping-in-now-deepak-parekh/story-GYM46n0eEOFUmEA44EXwMJ.html"> Parekh said Prime Minister had a lucky period in these nine months. </a> “The world commodity prices are at all-time low which help India the most. I don’t see ease of doing business changing so far,” <a href="https://www.hindustantimes.com/business/pm-had-9-lucky-months-impatience-creeping-in-now-deepak-parekh/story-GYM46n0eEOFUmEA44EXwMJ.html">he had said</a>. But he had to eat his words, and <a href="https://www.businesstoday.in/opinion/perspective/narendra-modi-govt-nine-months-deepak-parekh/story/220994.html">do a complete U-turn within five months</a>. What transpired behind the scenes is anybody's guess. India has lost confidence of the world: Ratan Tata 
 
 
 
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 In 2016, Ratan Tata the chairman emeritus of the <keyword id="6355725" type="COMPANY" weightage="20" keywordseo="tata-group">Tata Group</keyword> said <a href="https://www.thehindu.com/business/Economy/india-has-lost-confidence-of-the-world-ratan-tata/article5068063.ece">India has lost the confidence of the world </a>and the government has been slow to recognise it. He said the government has “swayed” under the influence of vested interests in the private sector and policies have been “changed, delayed and manipulated”. Tata, who demitted office as Tata group chairman last December, said that Prime Minister Manmohan Singh has held India’s “esteem high but in recent times we have lost it”. Ironically, this was the same year when BJP MP Subramanian Swamy <a href="https://www.businesstoday.in/current/economy-politics/ratan-tata-most-corrupt-chairman-in-history-of-tata-group-says-subramanian-swamy/story/239254.html">filed a complaint against Tata, lobbyist Niira Radia, former Telecom Minister A. Raja and senior Unitech officials for</a> allegedly laundering money to Unitech companies to obtain 2G spectrum licence. Kiran Mazumdar Shaw, an iconic entrepreneur in the pharmaceuticals space, was asked to shut up by a government official 
	
 
 <div type="image" title="Bengaluru: Biocon Chairperson and MD Kiran Mazumdar-Shaw addresses during a pres..." msid="72335493" hostid="261" caption="&amp;lt;p&amp;gt;Biocon Chairperson and MD Kiran Mazumdar-Shaw addresses during a press conference to announce the upcoming event &amp;#39;Bengaluru Tech Summit 2019&amp;#39;, in Bengaluru.Photo) (&amp;lt;/p&amp;gt;"></div>





 After the unfortunate <a href="https://www.businessinsider.in/Narendra-Modi-has-a-new-problem-big-corporates-and-moneybags-are-angry/articleshow/70450878.cms">death</a> of VG Siddhartha of Cafe Coffee Day, his billionaire friends from Bengaluru chimed in his support blaming aggressive tax officials for the demise of the coffee baron. However, Kiran Mazumdar Shaw, an iconic entrepreneur in the pharmaceuticals space, was asked to shut up by a government official. Shaw revealed <a href="https://www.businessinsider.in/Narendra-Modi-has-a-new-problem-big-corporates-and-moneybags-are-angry/articleshow/70450878.cms">to the Telegraph. </a> See also <a href="https://www.businessinsider.in/Narendra-Modi-has-a-new-problem-big-corporates-and-moneybags-are-angry/articleshow/70450878.cms">Narendra Modi has a new problem – big corporates and moneybags are angry</a>

From Deepak Parekh to Vodafone CEO Nick Read —  5 times corporates criticised Indian government and ran into trouble

<ul><li><keyword id="2623347" type="PERSON" weightage="20" keywordseo="Biocon-chief-Kiran-Mazumdar-Shaw">Biocon chief Kiran Mazumdar Shaw</keyword> and former Infosys Director <keyword id="6491998" type="PERSON" weightage="20" keywordseo="mohandas-pai">Mohandas Pai</keyword> told a newspaper that they were told hold back their criticism of the Modi government by an official.</li><li><keyword id="33278" type="PERSON" weightage="20" keywordseo="Rahul-Bajaj">Rahul Bajaj</keyword>, chairman of Indian conglomerate Bajaj Group, said that the auto industry’s going through a rough patch because of lack of demand and no private investment. </li><li>Over the months, more and more stock market investors have taken to Twitter to talk about the government’s unfriendly market policies. </li><li>Adi Godrej, chairman of the Godrej group, had said that the Budget presented by Finance Minister Nirmala Sitharaman is not “growth-oriented”.</li></ul>Indian companies have been betting big on PM <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>. And why not? In 2017-18, a lion’s share of <a href="https://www.business-standard.com/article/economy-policy/data-shows-bjp-bagged-92-of-corporate-donations-to-political-parties-119011701405_1.html">corporate</a> political donations went to his party, BJP. Now, they are livid. The latest to join the bandwagon of angry corporates is Kiran Mazumdar shaw who made a shocking revelation on Sunday. A government official reportedly told her not to speak of harassment by tax officials in relation to <a href="https://www.businessinsider.in/rip-vg-siddharthas-death-and-why-former-prime-minister-hd-deve-gowda-cried/articleshow/70464431.cms" data-type="tilCustomLink" target="_blank">the unfortunate death of VG Siddhartha</a>, the founder of <keyword id="46195" type="COMPANY" weightage="20" keywordseo="Cafe-Coffee-Day">Cafe Coffee Day</keyword> outlets. "“He just said that ‘please don’t make such statements. Even Mohandas Pai should not. I am telling you as a friend’,” the Biocon chief told The Telegraph. Even Mohandas Pai, the former Infosys director who is currently a private investor who backs startups, chimed in. "Lots of people get such threats," he told the newspaper. Both of them have been avid supporters of Narendra Modi in the past and bitter critics of the Congress-led United Progressive Alliance government that ruled from 2004 to 2014. “I used to speak out always. It doesn’t matter if UPA is in power or the NDA,” Shaw said urging the corporate world to speak up. Earlier, Rahul Bajaj, the chairman of Indian conglomerate Bajaj Group. During his company’s Annual General Meeting, he spoke of the government’s role in the weak sales of the auto industry. Fall from Heavens “There is no demand and no private investment, so where will growth come from? It doesn’t fall from the heavens. The auto industry is going through a very difficult period. Cars, commercial vehicles and two-wheelers are going through a rough patch,” Bajaj added. The Budget has not cheered them either. The government imposed a tax on super rich, and <a href="https://www.business-standard.com/article/markets/sebi-s-separate-fpi-registration-plan-draws-flak-from-investors-119061901134_1.html">Business Standard</a> had reported that market regulator SEBI mandated separate registrations for Foreign Portfolio Investors. The resentment against these rules is rising. The slow pace of economic growth, and their credibility isn’t helping either. Until now, corporate giants stayed out of the debate over credibility of government's growth data between <a href="https://www.businessinsider.in/131-cas-respond-to-letter-from-economists-disputing-govt-gdp-data/articleshow/68463411.cms">108 economists</a> and 131 chartered accountants. But, now they are not holding back. “The government may or may not be saying this but there are clear cut markings from the International Monetary Fund (IMF) and World Bank, which shows a decrease in growth in the last three-to-four years. Like any government they would like to show a happy face, but reality is reality” Rahul Bajai <a href="https://www.moneycontrol.com/news/technology/auto/angry-rahul-bajaj-criticises-centre-for-falling-demand-private-investment-4259711.html">said.</a> Meanwhile, his son Rajiv Bajaj had said government’s policies on<a href="https://www.moneycontrol.com/news/technology/auto/governments-policy-on-electric-vehicles-has-left-everybody-confused-rajiv-bajaj-4252151.html"> electric vehicles</a> had left everyone confused. Complaints in chorus The Bajajs, Kiran Mazumdar Shaw, and Mohandas Pai are not alone. Adi Godrej, chairman of the Godrej group, too <a href="https://www.firstpost.com/business/industry-leaders-reaction-on-budget-2019-adi-godrej-says-budget-is-not-growth-oriented-stock-market-comes-down-considerably-6940161.html">said</a> that the Budget presented by Finance Minister Nirmala Sitharaman is not “growth-oriented”. <a href="https://www.ndtv.com/india-news/adi-godrej-rising-intolerance-hate-crimes-can-seriously-damage-growth-2068996">Godrej also touched upon a sensitive subject </a>saying that rising intolerance in the country is also affecting growth. Investor and author Basant Maheshwari recently took to Twitter to say, “Lowering GST and other charges on Electric Vehicles won’t create demand. There is just no infrastructure. People won’t change preferences like that plus EVs aren’t cheap. However, it will surely lead to a fresh bout of short selling in the frontline auto names? That’s all.” This is an unexpected move for top corporates who had stayed away from government bashing even during demonetisation in 2016. Clearly, the tables have now turned. Porinju Veliyath, founder and CEO of Equity Intelligence, after the Budget said, “India dreams a $5 trillion, graft-free, double-digit, free-market-driven, rule-based and liberal economy by 2025! This is very much doable, but I am afraid parts of the Budget - the direction it points, can take us back to 4% GDP growth rate!” Center of the Left Veliyath had even written a letter to his investors, explaining the poor performance of his portfolio. "Some of the budget provisions did not acknowledge the cardinal principles of a free-market economy," Veliyath said in his letter on Thursday (July 18) adding that the positives of the continuity in government <a href="https://www.businessinsider.in/india-market-news-porinju-veliyath-blames-the-budget-for-bear-market-in-smaller-stocks/articleshow/70277012.cms">has been lost with the market unfriendly provisions in the Budget. </a> When big money backed Modi with hopes of market reform, they made a bad bet on a party whose ideology is rooted in ‘Swadeshi’, which can be loosely translated to home-grown conservatism. As the commentator and author <a href="http://www.newindianexpress.com/opinions/columns/shankkar-aiyar/2019/jul/21/the-bjps-socialistic-conservatism-2006971.html">Shakar Aiyar argued recently</a>, “In popular perception, the BJP was seen as the home of right of centre economics. And the centre continues shifting to the left.” SEE ALSO: <a href="https://www.businessinsider.in/rip-vg-siddharthas-death-and-why-former-prime-minister-hd-deve-gowda-cried/articleshow/70464431.cms" data-type="tilCustomLink" target="_blank">A former Prime Minister cried on national TV for VG Siddhartha-- the untold tales of politics and privilege may die with India’s coffee baron</a> <a href="https://www.businessinsider.in/cafe-coffee-day-founder-vg-siddhartha-letter-to-board-of-directors/articleshow/70443951.cms" data-type="tilCustomLink" target="_blank">Full text of the letter written by Cafe Coffee Day founder VG Siddhartha before he went missing</a>

Narendra Modi has a new problem – big corporates and moneybags are angry

<ul><li>Cousins Adi Godrej and Jamshyd Godrej are known to have differences in opinion on how to develop their massive land bank </li><li>Their grandfathers have founded the Godrej Group and have been acquiring this land since the 1940s. </li><li>Jamshyd has hired Nimesh Kampani of J M Financial while Adi and his brother Nadir have hired Uday Kotak and Cryril Shroff for negotiations.</li></ul>One of India’s oldest business families of India, Godrej has decided to split their enormous land holdings, tangled between themselves, to make way for real estate development, according to reports. Cousins Adi Godrej and Jamshyd Godrej are known to have differences in opinion on how to develop their massive land bank that extends over 3,400 acres in Mumbai. The Godrej family released a joint statement by Adi Godrej and Jamshyd Godrej, calling them ‘normal’ family discussions. 
 <div type="ExtQuote" text="We have been working on a long term strategy plan for the Group for several years. As part of this exercise, we have sought advice from external partners to help us think through options. The family regrets the sensationalist media coverage of these normal and private family discussions." auname="Statement by Godrej family"></div>

 Their grandfathers have founded the Godrej Group and have been acquiring this land since the 1940s. And a large chunk of it, around a 1,000 acres lies in the prime real estate areas of Vikhroli. While Adi heads Godrej Consumer and Godrej Properties, Jamshyd is the chairman and managing director of Godrej and Boyce. The closely held Godrej and Boyce is the owner of most of this land, while Adi’s real estate development company, Godrej Properties pays around 15% of the project revenue to them,<a href="https://economictimes.indiatimes.com/news/company/corporate-trends/godrej-family-may-rework-pacts-after-rift-over-land/articleshow/69966815.cms"> as per an ET report</a>. Now, however, both sides have hired investment bankers and lawyers to re-work family arrangements, in order to make way for Adi’s properties business to turn into the city’s largest real estate developer. Top investment bankers will be a part of tough negotiations to untangle the complicated family pacts. While Jamshyd has hired Nimesh Kampani of J M Financial while Adi and his brother Nadir have hired Uday Kotak the chairman of Kotak Mahindra Bank and Cryril Shroff of Cyril Amarchand and Mangaldas, as per a<a href="https://www.business-standard.com/article/companies/godrej-family-hires-top-law-firms-to-untangle-land-holdings-worth-rs-20k-cr-119062700056_1.html"> report by Business Standard</a>. The Godrej Group was founded by Ardeshir Godrej along with his brother, Pirojsha Godrej in 1987. Pirojsha’s sons formed the second generation as Ardeshir died childless. The third generation consists of Adi, Nadir and Jamshyd.

A 122-year old Indian business family has hired bankers and lawyers to split the land of their fathers

<keyword id="303723" type="PERSON" weightage="100" keywordseo="Parmeshwar-Godrej">Parmeshwar Godrej</keyword>, age 72, philanthropist and wife of <keyword id="6369697" type="COMPANY" weightage="100" keywordseo="Godrej">Godrej</keyword> <keyword id="45472" type="ORGANIZATION" weightage="20" keywordseo="Group">group</keyword> chairman <keyword id="6364063" type="PERSON" weightage="100" keywordseo="Adi-Godrej">Adi Godrej</keyword> breathed her last yesterday at Mumbai's Breach Candy hospital following a degenerative lung disease. 
 
The highly private family has been shocked by her sudden deterioration sources said. Group officials were stunned to hear about the news but declined to comment. 
 The dynamic and active face of the Godrej clan, <keyword id="559099" type="PERSON" weightage="20" keywordseo="Parmeshwar">Parmeshwar</keyword> had an impact on family office and social fronts. She has had a huge influence on her children Tanya, Nisa and <keyword id="259304" type="ORGANIZATION" weightage="20" keywordseo="Pirojsha">Pirojsha</keyword> with her liberal but strong understanding of family, humour, and creativity. 
 She is best known huge contribution to creating awareness about AIDS with Hollywood’s <keyword id="2805" type="PERSON" weightage="20" keywordseo="Richard-Gere">Richard Gere</keyword> with whom she launched the <keyword id="18935" type="ENTERTAINMENT" weightage="20" keywordseo="heroes">Heroes</keyword> project to fight HIV-AIDS in India. 
 
Parmeshwar was active in the workings of the Godrej group till last couple years with her aesthetic and design contribution in Godrej Properties and Godrej Consumer. She was one of the first air hostesses for <keyword id="2573" type="CITY" weightage="20" keywordseo="Air-India">Air India</keyword> before her marriage to Adi Godrej.

Philanthropist and Adi Godrej's wife Parmeshwar Godrej
passes away

It is unlikely for <keyword id="6364063" type="PERSON" weightage="100" keywordseo="Adi-Godrej">Adi Godrej</keyword>, the chairman of <keyword id="133008" type="COMPANY" weightage="100" keywordseo="Godrej-group">Godrej group</keyword>, to wash his dirty linen in public, but the world saw him in a fierce mood when he publicly accused former employee and business partner <keyword id="2035974" type="UNKNOWN" weightage="100" keywordseo="Arumugham-Mahendran">Arumugham Mahendran</keyword> of ethical and legal breach. He said that Mahendran was planning to launch new products that will be in direct competition with popular Godrej brands Good Knight and Hit. 
 Mahendran had worked closely with Godrej for over 15 years, being the MD of the Rs 9,000-crore Godrej Consumer Products (<keyword id="6508589" type="COMPANY" weightage="100" keywordseo="GCPL">GCPL</keyword>) before he left the group in 2013 with an aim to start his own business. He also held some shares in at least four Godrej group companies. 
 
"I am extremely disappointed with Mahendran," Godrej told ET. "Him launching household insecticides is both a serious ethical and legal breach." 
 While accusing Mahendran, Godrej also spoke about his surprise over <keyword id="6361649" type="CITY" weightage="100" keywordseo="Goldman-Sachs">Goldman Sachs</keyword>, the investor backing Mahendran's venture. 
 
"I am also very surprised that global investors like Goldman Sachs are allowing this to happen under their watch," he said. 
 
Mahendran, on the other hand, maintained that he was under no contract to not enter the insecticide business. "In spite of my not having a non-compete agreement with Godrej, it was on ethical grounds I chose not to enter the insecticide business for three years," Mahendran said. "I hold Mr Godrej and the family in high esteem and am very surprised to hear their comments," he added. 
 
Mahendran is busy launching insecticides under the brand name DND through his new venture Global Consumer Products, which is backed by Goldman Sachs. He would be controlling 20% of Global Consumer Products along with his family while the rest would be held by Goldman Sachs and Japanese investor Mitsui.

Friends turn foes? Adi Godrej accuses former MD of legal breach over plans to launch competing products

NEW DELHI: The high-profile composition of the business delegation set to accompany Prime Minister <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword> to <keyword id="6355311" type="COUNTRY" weightage="80" keywordseo="Japan">Japan</keyword> points to new vistas of cooperation between the two nations, in areas ranging from manufacturing to hydrocarbon and technology. 
 <keyword id="3820" type="PERSON" weightage="80" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>, Kumar Managalam Birla, Sunil Bharti Mittal, Gautam Adani, Dilip Shanghvi, <keyword id="6419840" type="PERSON" weightage="80" keywordseo="Azim-Premji">Azim Premji</keyword>, S Ramadorai, Chanda Kochhar and Kiran Mazumdar-Shaw are some of the prominent names on the list. 
 
“This is the most-high-powered delegation that has travelled with any Indian PM in recent years,” said a government official who did not wish to be named. “It will bring new energy in India-Japan ties. The delegation represents all corners of the country and covers almost all aspects of the economy. 
 
These business leaders will help to realise the PM’s dream of taking India-Japan ties to the next level.” 
 According to sources, the Prime Minister’s Office has pruned the list, dropping at least <keyword id="6364063" type="PERSON" weightage="80" keywordseo="Adi-Godrej">Adi Godrej</keyword>, S Gopalakrishnan and <keyword id="33275" type="PERSON" weightage="80" keywordseo="Deepak-Puri">Deepak Puri</keyword> from it. An official downplayed dropping of the names, saying that with any change of guard at the Centre there are changes in the composition of delegations travelling with the PM. The idea is to get additional Japanese business to India and to see who can partner major Indian business firms to make entry here, another official said. 
 The business delegation will attend the the India Japan Business Forum. The PM said he sees the trip as an opportunity to take India’s ties with Japan “to a new level” and increase cooperation in various fields. “I will visit <keyword id="4741" type="COMPANY" weightage="80" keywordseo="Tokyo">Tokyo</keyword> and Kyoto, and will interact with all sections of the Japanese society, from students, political leaders to captains of industry,” he said on Tuesday.

Narendra Modi To Take Top Business Honchos To Japan

Which Zodiac signs do the biggest billionaires belong to?

<ul><li>Pallonji was once believed to be India’s richest Parsi and probably one of the richest Irishmen too. </li><li>He was nicknamed The Phantom of <keyword id="275791" type="General" weightage="20" keywordseo="bombay-house" source="Orion">Bombay House</keyword> as he wielded a lot of power at the <keyword id="6355725" type="General" weightage="20" keywordseo="tata-group" source="Orion">Tata Group</keyword>’s headquarters at one point in time. </li><li>When Pallonji’s father Shapoorji was bankrolling Mughal-E-Azam, the younger Mistry was nervous about the ballooning budget, and advised his father against it.</li></ul>Very little is known about <keyword id="6689214" type="General" weightage="20" keywordseo="pallonji-mistry" source="Orion">Pallonji Mistry</keyword> who was the chairman emeritus of the <keyword id="261354" type="General" weightage="20" keywordseo="shapoorji-pallonji-group" source="Orion">Shapoorji Pallonji group</keyword> – but has been crowned one of the Moghuls of real estate. And why not? The unlisted company had built every iconic building of South Mumbai – be it the Taj Colaba or the Oberoi Hotel. Abroad, the company built the places of Oman’s king and the President of Ghana. In fact, their ability to build seems to be how they ended up as one of the biggest shareholders of the Tata Group. They had started accumulating shares during Pallonji Mistry’s father’s time when Shapoorji Pallonjigroup was building factories for Tata Steel and Tata Motors – and were paid for, in shares. The <keyword id="14307253" type="General" weightage="20" keywordseo="richest-irishman" source="Orion">richest Irishman</keyword>, the richest Parsi These shares in the rapidly expanding group are what made Pallonji a billionaire who is now worth around $28.9 billion according to<a href="https://www.bloomberg.com/billionaires/profiles/pallonji-mistry/#xj4y7vzkg"> the Bloomberg Billionaires index</a>, which makes him the 41st richest Indian. Most of his wealth comes from their 18.4% stake in Tata Sons – which they have decided to offload following a feud. While his own construction company has interests in India and the Middle East, he also owns the consumer goods company, Eureka Forbes — a name that most of India’s households heard when water purifiers became a thing. At one point in time, however, Pallonji was believed to be India’s richest Parsi and also counted among the richest Irishmen too. Pallonji had given up his Indian citizenship in 2003 as he was married to an Irish woman, Patsy Perin Dubash. He however continued to reside at his sea-facing bungalow in the uptown Walkeshwar area of Mumbai. The Phantom of Bombay House The reticent billionaire was also nicknamed The Phantom of Bombay House due to the power he had wielded over the Tata Group’s headquarters at one point in time – though he was not ever present. However, all his friends – be it Adi Godrej, the chairman of the Godrej Group, Deepak Parekh, the chairman of HDFC and others know him as a warm and caring person and a good host. But only a select few people have the privilege of knowing him. Coomi Kapoor’s book ‘<a href="https://indianexpress.com/article/books-and-literature/how-shapoorji-pallonji-jr-built-his-construction-empire-and-why-khojeste-mistree-is-a-religious-pop-star-among-the-parsis-7431872/">The Tatas, Freddie Mercury &amp; Other Bawas</a>' however has an interesting tidbit about him. When Pallonji’s father Shapoorji was bankrolling India’s biggest movie production, Mughal-E-Azam, the younger Mistry was nervous about the ballooning budget of the movie and the fact that it was being reshot. He tried to talk his father out of the ‘dead investments’, but the senior did not listen. However, the movie crashed all box office records of time – paying off his father’s penchant for perfection. Pallonji’s son Cyrus Mistry seems to have taken a leaf from it. After he became the chairman of the Tata Group – a similar discord over funding expensive businesses is what led to the famous Cyrus Mistry-Ratan Tata feud – which became one of India’s long-drawn corporate battles — leading to their decision to sell off their interest in Tata Sons, that’s been held for decades. With Pallonji’s death,<a href="https://www.businessinsider.in/thelife/personalities/news/cyrus-mistrys-father-pallonji-mistry-passes-away-at-93/articleshow/92509875.cms"> the phantom of Bombay House ha</a>s now literally exited the building and the business. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/cyrus-mistrys-father-pallonji-mistry-passes-away-at-93/articleshow/92509875.cms" style="">Cyrus Mistry's father, Pallonji Mistry passes away at 93</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/four-of-every-10-fiis-are-from-the-us-most-others-are-from-tax-havens/slidelist/92510427.cms" style="">Four of every 10 FIIs are from the US; most others are from tax havens</a>

Pallonji Mistry, the elusive but powerful phantom of Bombay House

Mumbai, Jan 17 () E-commerce giant Amazon's chief executive and world's richest person Jeff Bezos on Friday concluded his three-day India visit with meeting captains of Indian industry.
Among those who met included Reliance Industries chairman and richest Indian Mukesh Ambani, who is also into retailing, and a host of other c-suite honchos.
The meeting was held at a star hotel in South Mumbai this morning.
Others who were present included SBI chairman Rajnish Kumar, Godrej Group chairman Adi Godrej, Zarin Daruwala of Standard Chartered Bank, Xiaomi's India Head Manu Jain, Infosys co-founder NR Narayana Murthy and Bank of America's Kaku Nakhate.
Retail and Fast Moving Consumer Goods players, including Kishore Biyani of Fture Group (where Amazon has an investment), Hindustan Unilever's Sanjiv Mehta, Nestle India's Suresh Narayanan and Proctor and Gamble India's Madhusudhan Gopalan were also present.
Sunil Mittal of Bharti Airtel was also present for the meeting wherein Bezos was accompanied by the head of Amazon in India, Amit Agarwal.
Among others were Infosys' Salil Parekh, HSBC's Surendra Rosha and Ola's Bhavish Agarwal.
 The business leaders posed for a group photo on the hotel's stairs before departing.
Bezos visited Rajghat in New Delhi on Tuesday, followed it up with a meet with small businesses on Wednesday and spent time with Bollywood celebrities on Thursday evening as part of the visit.
He has announced investments of USD 1 billion over the next few years and also create 1 million new jobs in India by 2025.
Bezos could not reportedly get an audience with Indian Prime Minister Narendra Modi, while Union Commerce Minister Piyush Goyal stoked a controversy by stating that the e-commerce giant which is being investigated for predatory pricing is not doing India any favour by the investment. AA MKJ

Jeff Bezos meets industry captains, concludes 3-day India visit

<ul><li>With their sales being hit, the Indian business community which has so far been an active supporter of the Indian government, has been raising its voices.</li><li><keyword id="6359432" type="UNKNOWN" weightage="20" keywordseo="britannia">Britannia</keyword>’s MD Varun Berry said there is some serious issue in the economy.</li><li>He’s not alone, leaders from the auto industry have raised their concerns as the segment is witnessing its worst sales slowdown.</li></ul>Questions are being raised by top Indian businessmen about the economic health of the country. The latest one to cry foul is fast moving consumer goods company Britannia. In the <a href="https://www.dnaindia.com/business/report-consumers-thinking-twice-before-buying-a-rs-5-pack-britannia-2781047">latest earnings call</a> of Britannia, the company’s MD Varun Berry raised some serious concerns about the <keyword id="6356076" type="DEFINITION" weightage="20" keywordseo="indian-economy">Indian economy</keyword>. "We've grown only 6% and the market is growing slower than that. And that's a little bit of a worry, because even for a ₹5 product if the consumer is thinking twice before buying it, then there is some serious issue in the economy,” he said. This comes in even though Britannia holds one-third of market share in the Indian biscuit industry. With their sales hit, the Indian business community which has so far been an active supporter of the Indian government, has been raising its voices. India’s GDP has slumped to 6.8% in FY19, whereas <a href="https://www.businesstoday.in/current/economy-politics/india-economy-9-per-cent-gdp-growth-pm-modi-5-trillion-dollar-economy-target-ey/story/370433.html">analysts </a>say that for India to reach its dream of being a $5 trillion economy, the country’s GDP needs to grow steadily at 9%. The industry that has been worst hit has the auto industry which has seen a massive slowdown in sales has seen. Auto industry leaders like Pawan Munjal of HeroCorp, RC Bhargava of Maruti, Anand Mahindra of Mahindra &amp; Mahindra, have all been rallying for reduction of GST to boost growth in sales. Rahul Bajaj, the chairman of Indian conglomerate Bajaj Group. During his company’s Annual General Meeting, he spoke of the government’s role in the weak sales of the auto industry. “There is no demand and no private investment, so where will growth come from? It doesn’t fall from the heavens. The auto industry is going through a very difficult period. Cars, commercial vehicles and two-wheelers are going through a rough patch,” Bajaj added. Earlier, Adi Godrej, chairman of the Godrej group, too <a href="https://www.firstpost.com/business/industry-leaders-reaction-on-budget-2019-adi-godrej-says-budget-is-not-growth-oriented-stock-market-comes-down-considerably-6940161.html">said</a> that the Budget presented by Finance Minister Nirmala Sitharaman is not “growth-oriented”. <a href="https://www.ndtv.com/india-news/adi-godrej-rising-intolerance-hate-crimes-can-seriously-damage-growth-2068996">Godrej also touched upon a sensitive subject </a>saying that rising intolerance in the country is also affecting growth. However, there are also some who believe this is just a phase. HDFC Chairman <a href="https://www.businesstoday.in/current/economy-politics/indias-economic-slowdown-driven-by-lower-consumption-temporary-in-nature-says-hdfcs-deepak-parekh/story/370229.html">Deepak Parekh</a> in the recent annual general meeting of the bank said, “While there has been an across-the-board slowdown in consumption, given the inherent demand and low penetration levels, I believe this is temporary in nature.”

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