Mumbai, May 1 : Godrej & Boyce, the owner-developer, and Godrej Properties, the development manager, announced on Wednesday that the two companies will continue their association for land development in Vikhroli.

'The two companies will continue their Memorandums of Understanding executed from time to time, for the development of land in Vikhroli owned by Godrej & Boyce, as and when Godrej & Boyce is desirous of developing the said land,' according to a joint statement issued by the two groups.

The announcement comes after the larger Godrej family on Tuesday sealed the deal for dividing their business conglomerate into two groups to be managed separately by two families.

Godrej Construction, a business of Godrej & Boyce, designed and built four phases of Godrej Platinum, an IGBC Platinum-rated residential development project with a total constructed area of 1 million square feet, which has been marketed by Godrej Properties and, in March 2024, a new project named Godrej Vistas was successfully launched under this arrangement.

Jamshyd Godrej, Chairperson & Managing Director, Godrej & Boyce, said: 'The future development of Vikhroli presents a unique opportunity to create a holistic space in the metropolis of Mumbai where urban development and biodiversity co-exist harmoniously. Godrej Construction and Godrej Properties bring complementary strengths, and this has translated into the launch of successful real estate projects in Vikhroli.'

Pirojsha Godrej, Executive Chairperson, Godrej Properties, said: 'We look forward to continuing our association with Godrej & Boyce with a view to making Vikhroli into a world-class neighbourhood.'

The Godrej family has decided to restructure its shareholding in their bigger business group of companies to operate as two entities, Godrej Enterprises and Godrej Industries, according to a stock exchange filing late on Tuesday.

Godrej Enterprises Group (GEG) will be headed by Jamshyd Godrej as chairperson and managing director and his niece Nyrika Holkar as executive director. GEG operates across aerospace, aviation, defence and liquid engines among others.

Jamshyd Godrej was earlier serving as managing director and chairman of Godrej & Boyce.

Nadir Godrej will serve as chairperson of Godrej Industries Group (GIG), which operates the listed companies including Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astec Lifesciences. GIG will be controlled by Nadir's brother Adi Godrej and their immediate family.

/IANS