Godrej & Boyce to divest from Godrej Pacific Technology

MUMBAI: Godrej & Boyce Manufacturing has announced the divestment of its

50 per cent equity shareholding in Godrej Pacific Technology Limited to Tech

Pacific. This is a consequence of a strategic decision by Godrej & Boyce to

focus on its core manufacturing businesses that would enable the group to

strengthen the Godrej brand.

The transaction will also allow Tech Pacific to expand its presence in the

fast growing Indian IT market. On completion of this transaction, the company

will become a wholly-owned subsidiary of Tech Pacific. Shailendra Gupta will be

appointed Managing Director of the company with immediate effect in place of

Manu Parpia. The operating management structure of the company remains

unchanged. The Godrej & Boyce nominees on the Board have stepped down as

directors.

Commenting on the transaction, Godrej & Boyce MD Jamshyd Godrej said,

" This transaction was inevitable as a result of the Group's restructuring

efforts that will allow us to focus on our core businesses that can help enhance

the Godrej brand. The joint venture experienced significant successes in India.

We are confident that this venture will continue to build its momentum."