Godrej Industries unveiled a sweeping strategic reset on Wednesday, announcing a new brand identity, ambitious financial targets, and plans to list two more businesses including one for chemical arms within the next five years. The conglomerate aims to more than triple its combined market capitalisation to over Rs 5 lakh crore by 2031.

Pirojsha Godrej, recently appointed as Chairperson Designate of the company, laid out the roadmap, saying the 129-year-old group will focus on deepening its existing businesses rather than chasing new ventures. 

Godrej Industries, notably, was carved out following the landmark 2024 Godrej family business split. “Crafting tomorrow since 1897 reflects the belief that values and results must go hand in hand,” he told PTI, announcing the group’s new purpose statement. 

“As we scale, this philosophy will continue to guide how we build businesses that are both successful and responsible.” he added.

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The group currently has three listed entities — Godrej Consumer Products, Godrej Properties and Godrej Agrovet — with a combined market cap of over Rs 1.60 lakh crore, while its two unlisted businesses add roughly Rs 25,000 crore more. 

Pirojsha said the group wants to expand to five listed entities, identifying Godrej Capital and Godrej Chemicals as the front-runners. “Two out of the three will get listed. I think capital and chemicals are probably the two front-runners for our listing,” he told PTI.

The third unlisted entity, Godrej Ventures, is building a modern film studio near the Navi Mumbai International Airport and manages office spaces — a relatively newer venture that the group is retaining flexibility on.

Godrej Capital, the financial services arm, is set to be the group’s fastest-growing business. The group has already invested Rs 5,000 crore in it and is targeting growth in assets under management from Rs 25,000 crore to Rs 1 lakh crore, he said. 

The group will prioritise organic growth over large-scale acquisitions, Pirojsha said, while leaving room for selective tuck-in deals that can strengthen or widen product offerings within individual businesses. 

He added that the conglomerate has no plans to enter new sectors and will instead focus on reinforcing its current businesses with the aim of becoming industry leaders. The group plans to invest a further Rs 5,000–7,000 crore across its unlisted businesses over the next five years, while listed businesses are expected to fund their own growth, as per the chairperson. 

Among its companies, the consumer products arm is expected to be the most active on acquisitions, with potential deals aimed at entering new categories. The financial services business could also pursue acquisitions to expand into additional verticals, he said, noting that microfinance is an area of interest. 

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On the financial performance front, the group has set clear benchmarks — over 15% annual sales growth, more than 20% earnings per share growth, and an 18% return on equity for each business. Both sales and net profits have compounded at over 20% annually for the past five years.

The group also announced that 40% of its workforce will comprise women, persons with disabilities, or LGBTQI members by 2031, and committed to net-zero operations by 2035. Its philanthropic arm, the Godrej Foundation, has received an additional Rs 1,000 crore infusion, and is set to increase yearly social spending by 500%.

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South Korean authorities have found that two fighter jets collided mid-air in 2021 because the pilots were taking pictures and videos during a mission, BBC reported, citing a report by Seoul’s Board of Audit and Inspection.

The incident took place near the central city of Daegu. Although all pilots survived without injuries, the collision caused damage worth 880 million won ($596,000) to the aircraft.

According to the report published on Wednesday, one of the pilots, who has since left the military, was fined 88 million won after being held primarily responsible for the accident.

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The audit found that the pilot of the wingman aircraft wanted to take photographs to commemorate his last flight with the military unit. The report noted that taking photos during significant flights was a widespread practice among pilots at the time.

The pilot reportedly informed others of his plan during a pre-flight briefing. While returning to base, he began taking pictures using his personal mobile phone.

After noticing this, the pilot of the lead aircraft asked another crew member to record a video of the wingman jet, according to the report.

Photo Credit: Wikimedia Commons

The wingman pilot then made a sudden manoeuvre by climbing higher and rolling the aircraft to improve the camera angle. This brought the two F-15K jets dangerously close.

The lead aircraft attempted to descend quickly to avoid a collision, but the two jets eventually struck each other. The crash damaged the lead aircraft’s left wing and the wingman aircraft’s tail stabiliser.

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The South Korean Air Force suspended the wingman pilot, who later left the military to join a commercial airline.

Initially, the Air Force sought to recover the full repair cost of 880 million won from the pilot. However, after he appealed, the Board of Audit and Inspection ruled that he should only pay one-tenth of the amount.

The pilot admitted that his sudden manoeuvre contributed to the collision, but argued that the lead aircraft pilot had “tacitly consented” because he knew filming was taking place.

The audit board said the Air Force should also bear some responsibility for failing to regulate pilots’ personal use of cameras during flights.

The board further noted that the pilot had maintained a good service record before the incident and had managed to safely return his aircraft to base, preventing further damage.

The report did not specify whether any disciplinary action was taken against the other pilots involved.

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The main Wall Street indices jumped in early trade on Wednesday, as the US stock market reacted positively to President Donald Trump’s decision to extend the ceasefire with Iran.

S&P 500 rose 0.7%, or 49 points, to 7,112.2 minutes after the opening bell, whereas the tech-heavy Nasdaq Composite climbed 0.72%, or 175.18 points, to 24,435.15.

The Dow Jones Industrial Average rose 436.44 points to 49,585.82 at 9:40 am EST.

(This is a developing story)

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