Holkar, executive director and future managing director candidate at Godrej & Boyce (G&B), fronted the succession settlement with her legal team along with Pirojsha Godrej from the Adi Godrej side of the family. Nyrika is understood to have been quietly working on the plan for the last five years, officials close to the matter said.
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That shouldn’t have been a difficult task for a “consensus builder,” as many who have worked with her remember her. “Nyrika is a good listener. That shows while bringing people together on projects. It’s also a very new generation style within the organisation,” according to a company executive who didn’t want to be named.
As per the succession plan, Godrej Enterprises Group (GEG) comprising G&B and its affiliates with presence in sectors such as aerospace, aviation, defence, engines and motors, energy, security, building materials, construction, and durables will be controlled by Jamshyd Godrej, chief managing director, Nyrika Holkar, ED, and their immediate families. Nyrika, 42, is the daughter of Jamshyd’s sister, Smita Godrej. She is married to Yeshwant Rao Holkar, scion of the erstwhile royal family of Indore.
Sources close to the family said Jamshyd encouraged her to think long term, be prudent in capital allocation and focus on innovation and sustainable business growth Jamshyd’s two children, Navroze and Raika, are not in any executive roles and remain shareholders in the company.
Navroze had stepped down from the board as ED at G&B in 2018 to pursue other interests. Hhis unexpected resignation led to Nyrika taking on a more active role at the top.
Prior to joining Godrej, she specialised in noncontentious M&A transactions at AZB & Partners. She studied law at the University of London and is a qualified solicitor. She did her BA from Colorado College in Philosophy and Environmental Economics.
Industry watchers said Nyrika would be tested in managing a line and operating role. While she is familiar with G&B for the last 10-15 years, it would be challenging to lead a very engineering-focused manufacturing company without technical expertise, according to an official close to the group. “The organisational culture is slightly old guard and old world,” he said.
Another top Godrej official told ET that the group has many capable professionals who are domain experts heading these businesses. “This is an organisation that works in collaboration with the support of both family and nonfamily professionals. While the professionals run day-to-day affairs, the family plays a strategic role in business plans,” she said.
In addition, Nyrika works with business unit heads across G&B’s consumer or aspiration-led businesses, including Kamal Nandi (Appliances), Pushkar Gokhale (Security Solutions) and Shyam Motwani (Locks) to deliver a “Service Transformation” initiative across these verticals based on customer data from across the consumer businesses.
Last year, G&B launched India’s first platform designed to spark conversations and increase collaborations called Conscious Collective. It brought together architects, urban planners and designers to create a community that can help make more Indians aware of the need to act individually and collectively towards conscious living.
Nyrika has also been credited for shaping the company’s global legal strategy, commercial contracts, structuring M&A transactions, and safeguarding intellectual property across the diverse spectrum of G&B’s businesses. She also leads the legal and corporate advisory functions for all 14 companies.