Godrej Properties announces change in leadership

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Pirojsha Godrej will take over as Managing Director on April 1st , 2012

Godrej Properties Ltd. (GPL) (BSE: GODREJPRP). The Godrej Properties’ Board of Directors is pleased to announce Pirojsha Godrej’s appointment as Managing Director and Chief Executive Officer of Godrej Properties Limited (GPL) with effect from April 1st, 2012. Milind Korde, GPL’s current Managing Director, has resigned for personal reasons and will step down as Managing Director on March 31st 2012. Milind will continue to support Godrej Properties in the role of Senior Advisor to the company.

Pirojsha has been closely involved in the strategy and operations of Godrej Properties since he first joined the company in 2004. He spearheaded the very successful IPO of Godrej Properties in 2009. GPL has significantly outperformed both the market and its peers in the real estate sector in the 2 years that it has been publicly listed. Since his appointment as Executive Director in 2008, Pirojsha has been involved in a leadership capacity in all key areas of the company’s operations. He has a Bachelors degree in Economics from the Wharton School, University of Pennsylvania, a Masters in International Affairs from Columbia University, and a Masters in Business Administration from Columbia Business School.

Additionally, V. Srinivasan who is currently CFO and company secretary at Godrej Industries has been appointed Executive Director of Godrej Properties with effect from April 1st , 2012. Srinivasan began his career in 1989 as an Executive Trainee at the erstwhile Godrej Soaps, and has progressed to roles of increasing responsibility within the Godrej Group. He has headed the Finance and Systems functions at Godrej Agrovet and has handled various responsibilities in the group including information systems. He specializes in treasury management and has been a key leader in the group’s organizational and capital structuring initiatives. A Chartered Accountant and Company Secretary by qualification, he has also completed middle and senior management courses at IIM, Ahmedabad and the University of Michigan respectively. The Board believes that Srinivasan will add tremendous value to Godrej Properties.

Adi Godrej, the Chairman of Godrej Properties and the Godrej Group commented, “Pirojsha is well positioned to lead Godrej Properties through its next phase of growth. With our differentiated business model, the power of the Godrej brand and a strong track record across India, Godrej Properties has established itself as a dynamic real estate development company. Pirojsha’s leadership, knowledge of the real estate sector, and strategic mindset will be critical in enabling Godrej Properties to achieve its ambitious goals. Srinivasan joining Godrej Properties will further strengthen the leadership team. I would also like to make special mention of Milind Korde’s significant contributions to Godrej Properties and thank him for his efforts.”