Veteran industrialist Adi Godrej will step down as Chairman from the board of directors at diversified conglomerate Godrej Industries.
He will continue to serve as Chairman of the Godrej Group and Chairman Emeritus of Godrej Industries, the company said on Friday.
Nadir Godrej, who is currently Managing Director of Godrej Industries, will take over as the new Chairman and Managing Director.
"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."
Nadir Godrej said: "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."
The leadership team is committed to building forward on these foundations, continuing to serve people and communities, and creating long-term value for all stakeholders, he added.
Adi Godrej has served at the helm of several trade and industrial bodies. He has also been President of the Confederation of Indian Industry (CII).
Godrej Industries is one of the Godrej Group's holding companies with interests in consumer goods, real estate, agriculture and gourmet retail through subsidiary and associate companies across 18 countries.