Veteran industrialist Adi Godrej will step down as chairman as well as from the board of directors of Godrej Industries Ltd (GIL), passing on the baton to his younger brother Nadir Godrej, effective October 1.

The 79-year-old industrialist will continue to serve as the chairman of the Godrej group and chairman emeritus of GIL, said the statement.

“Nadir Godrej, who is at present the 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.

Adi Godrej has served GIL for almost four decades.

“It has been a privilege to serve Godrej Industries for over four decades, during which we have delivered strong results and transformed our company,” said Adi Godrej.

“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,” he added.

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.

On August 4, Adi Godrej announced his decision to step down from the board of the group’s FMCG arm, Godrej Consumer Products Ltd (GCPL), effective next month. In GCPL, he had 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.

Adi Godrej was born in 1942 and Nadir in 1951. Their father Burjorji Godrej was the nephew of Ardeshir Godrej, founder of the group. As Ardeshir was childless, the vast industrial estate created by Ardeshir was inherited by his three nephews.

Adi and Nadir’s first cousin Jamshyd Godrej is the chairman and managing director of Godrej & Boyce.

Nadir Godrej is also the chairman of Godrej Agrovat.