Mumbai: The ₹19,000 crore Godrej Enterprises Group ( GEG) has reorganised its 14 business verticals into three clusters to pursue an independent growth strategy with agility, scale and clarity at the core, said chairman Jamshyd Godrej.
"We have to do everything we must to look at scale, we have to look at focus," he said in an interview. "We do have a slightly long tail of smaller businesses - they all have great potential. Recognising this distinction is vital for our long-term success."
The Godrej family business was formally divided in April 2024 into the Godrej Industries Group (GIG), led by brothers Adi and Nadir Godrej, and GEG, helmed by their cousin Jamshyd Godrej and his niece Nyrika Holkar, who is executive director.
"Seventy percent of our turnover comes from large businesses, but even the smaller ones have strong potential," said Jamshyd Godrej, 76, at Godrej Bhavan in south Mumbai. "Growth cannot follow a uniform path - some businesses demand scale, others demand depth."
The three clusters are akin to mission statements: consumer-first, nation-first and future-first. The consumer-first portfolio, accounting for about 60% of revenue, anchors growth through appliances, furniture brand Interio, locks and security.
The nation-first cluster, contributing about 40%, spans aerospace, advanced engineering and infrastructure projects such as the Atal Setu (Mumbai Trans Harbour Link), metro systems and airports. The nascent future-first vertical targets emerging industries including green hydrogen, warehouse automation, battery innovation and recycled construction materials.
Godrej was clear that GEG was not keen to go public.
‘Innovation must also shape cities’
“As long as we have healthy cash flows and can fund our investments internally, there is no need for us to list,” he said.
“Listing brings in complexities. In our case, I’m not so sure it makes any sense at all. If tomorrow, instead of growing 15% we want to grow at 30%, then there may be a case. But why should I grow at 30%? It’s too risky. I believe in a prudent level of growth that is manageable.”
Many companies turn to markets because they lack access to capital, he added.
Reflecting on the group’s legacy, Godrej said its strength has always come from core competencies in steel processing.
“My father (Naval Godrej) used to believe that anything to do with steel processing was our domain. We made safes, we made furniture — all steel-based. That was the thinking. Even today, those capabilities remain integral to us,” he said.
Over the decades, GEG has shifted factories out of Vikhroli in Mumbai, repurposing older sites for commercial use while consolidating production at Khalapur, which now houses hubs for furniture, interiors, forklifts, security equipment and defence. At the same time, the group is looking at building a large, integrated township in a 1,000-acre land parcel in Vikhroli.
“Innovation must shape not only businesses, but also the cities we live in. India’s future depends on how we reimagine growth — in ways that are sustainable, inclusive and transformative,” Godrej said.
A long-time champion of urban planning, he pointed to projects such as Dharavi’s redevelopment and the Bandra Kurla Complex, drawing comparisons with France’s emphasis on hubs and walkable neighbourhoods. “It will take decades, maybe 50 years. Cities are engines of growth, but they can only fulfil that role if we make them efficient,” he said.
Betting on advanced tech
GEG is betting on advanced technologies such as zinc-manganese battery backup systems and semiconductors for power and cooling, with an eye to environmental balance.
“We chose zinc and manganese as sustainable alternatives to lithium and cobalt,” he said, adding that a pilot plant in Mumbai is operational with commercial rollout soon.
The group wants to boost the revenue contribution of exports to 25% from 15%, strengthening competitiveness and customer insights. GEG is expanding process equipment manufacturing for oil, gas and petrochemicals, supported by a new Dahej, Gujarat, facility with a jetty for oversized consignments.
Defence, aerospace and space remain priorities, with participation in missiles, aero engines and other systems. “Our decades of involvement positions us well, but success will hinge on exports, since global defence trade is largely export-driven,” he said.
Excessive controls
Godrej is of the view that India has the potential to become a global manufacturing hub but is constrained by excessive controls and lack of transparency.
“These are behavioural changes that must come first,” he said, citing iPhone assembly in India as proof of what’s possible when policy intent matches execution.
While services have expanded, manufacturing’s share in GDP has declined, he noted.
“There is enormous potential. But it takes leadership with a clear mandate to make it happen,” he said.
On India’s long-term growth, he was optimistic yet pragmatic.
“Yes, I believe in it very much. But we must first be clear about what that means,” he added.
Quality of life
Growth must enhance quality of life.
“Our cities leave much to be desired,” he said. “Growth cannot be measured only in the tallest towers or expressways — it has to be about making cities more liveable, efficient and sustainable.”
A key thrust area is digital transformation, with Rs 1,200 crore being invested over three years across manufacturing, customer experience and employee learning.
The group is embedding IoT, AI and generative AI through projects such as AI-led supply chain forecasting, energy-optimising smart appliances, connected forklifts with real-time monitoring, and customer service platforms that have reduced response times by 40%.
Half the workforce is being trained in digital skills, supported by in-house generative AI tools for customised assistants in HR, finance, legal and service.
“These programmes are not just about technology adoption,” Godrej said. “They are about reimagining how we create value for our customers, partners and employees in a digital-first world.”
Looking ahead, Godrej remains bullish on India’s prospects.
“The ecosystem is vibrant, opportunities are abundant, and the momentum for transformation is stronger than ever. This is a particularly exciting time to think boldly and build for the future,” he said.
"We have to do everything we must to look at scale, we have to look at focus," he said in an interview. "We do have a slightly long tail of smaller businesses - they all have great potential. Recognising this distinction is vital for our long-term success."
The Godrej family business was formally divided in April 2024 into the Godrej Industries Group (GIG), led by brothers Adi and Nadir Godrej, and GEG, helmed by their cousin Jamshyd Godrej and his niece Nyrika Holkar, who is executive director.
"Seventy percent of our turnover comes from large businesses, but even the smaller ones have strong potential," said Jamshyd Godrej, 76, at Godrej Bhavan in south Mumbai. "Growth cannot follow a uniform path - some businesses demand scale, others demand depth."
The three clusters are akin to mission statements: consumer-first, nation-first and future-first. The consumer-first portfolio, accounting for about 60% of revenue, anchors growth through appliances, furniture brand Interio, locks and security.
The nation-first cluster, contributing about 40%, spans aerospace, advanced engineering and infrastructure projects such as the Atal Setu (Mumbai Trans Harbour Link), metro systems and airports. The nascent future-first vertical targets emerging industries including green hydrogen, warehouse automation, battery innovation and recycled construction materials.
Godrej was clear that GEG was not keen to go public.
‘Innovation must also shape cities’
“As long as we have healthy cash flows and can fund our investments internally, there is no need for us to list,” he said.
“Listing brings in complexities. In our case, I’m not so sure it makes any sense at all. If tomorrow, instead of growing 15% we want to grow at 30%, then there may be a case. But why should I grow at 30%? It’s too risky. I believe in a prudent level of growth that is manageable.”
Many companies turn to markets because they lack access to capital, he added.
Reflecting on the group’s legacy, Godrej said its strength has always come from core competencies in steel processing.
“My father (Naval Godrej) used to believe that anything to do with steel processing was our domain. We made safes, we made furniture — all steel-based. That was the thinking. Even today, those capabilities remain integral to us,” he said.
Over the decades, GEG has shifted factories out of Vikhroli in Mumbai, repurposing older sites for commercial use while consolidating production at Khalapur, which now houses hubs for furniture, interiors, forklifts, security equipment and defence. At the same time, the group is looking at building a large, integrated township in a 1,000-acre land parcel in Vikhroli.
“Innovation must shape not only businesses, but also the cities we live in. India’s future depends on how we reimagine growth — in ways that are sustainable, inclusive and transformative,” Godrej said.
A long-time champion of urban planning, he pointed to projects such as Dharavi’s redevelopment and the Bandra Kurla Complex, drawing comparisons with France’s emphasis on hubs and walkable neighbourhoods. “It will take decades, maybe 50 years. Cities are engines of growth, but they can only fulfil that role if we make them efficient,” he said.
Betting on advanced tech
GEG is betting on advanced technologies such as zinc-manganese battery backup systems and semiconductors for power and cooling, with an eye to environmental balance.
“We chose zinc and manganese as sustainable alternatives to lithium and cobalt,” he said, adding that a pilot plant in Mumbai is operational with commercial rollout soon.
The group wants to boost the revenue contribution of exports to 25% from 15%, strengthening competitiveness and customer insights. GEG is expanding process equipment manufacturing for oil, gas and petrochemicals, supported by a new Dahej, Gujarat, facility with a jetty for oversized consignments.
Defence, aerospace and space remain priorities, with participation in missiles, aero engines and other systems. “Our decades of involvement positions us well, but success will hinge on exports, since global defence trade is largely export-driven,” he said.
Excessive controls
Godrej is of the view that India has the potential to become a global manufacturing hub but is constrained by excessive controls and lack of transparency.
“These are behavioural changes that must come first,” he said, citing iPhone assembly in India as proof of what’s possible when policy intent matches execution.
While services have expanded, manufacturing’s share in GDP has declined, he noted.
“There is enormous potential. But it takes leadership with a clear mandate to make it happen,” he said.
On India’s long-term growth, he was optimistic yet pragmatic.
“Yes, I believe in it very much. But we must first be clear about what that means,” he added.
Quality of life
Growth must enhance quality of life.
“Our cities leave much to be desired,” he said. “Growth cannot be measured only in the tallest towers or expressways — it has to be about making cities more liveable, efficient and sustainable.”
A key thrust area is digital transformation, with Rs 1,200 crore being invested over three years across manufacturing, customer experience and employee learning.
The group is embedding IoT, AI and generative AI through projects such as AI-led supply chain forecasting, energy-optimising smart appliances, connected forklifts with real-time monitoring, and customer service platforms that have reduced response times by 40%.
Half the workforce is being trained in digital skills, supported by in-house generative AI tools for customised assistants in HR, finance, legal and service.
“These programmes are not just about technology adoption,” Godrej said. “They are about reimagining how we create value for our customers, partners and employees in a digital-first world.”
Looking ahead, Godrej remains bullish on India’s prospects.
“The ecosystem is vibrant, opportunities are abundant, and the momentum for transformation is stronger than ever. This is a particularly exciting time to think boldly and build for the future,” he said.
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