The house of Lodhas — one of India’s largest and most aggressive builders — is seeing a segregation and realignment of responsibilities and assets between Abhishek and Abhinandan, the group’s scions, multiple sources.
Among the major projects, the proposed division will result in the responsibility for the 22.5-acre New Cuffe Parade project at Wadala and the 17.5-acre The Park in Worli shifting to Abhinandan. Abhishek will be in charge of World Towers spread over 17 acres in Lower Parel and two projects in London, along with a larger share in the integrated township Palava City spread over 4,000 acres near Mumbai. The two will however, continue operating under the Lodha brand. Founder and chairman Mangal.
The Rs 8,000-crore privately held group denied any plan to divide assets as well as rumours on differences between directors. Responding to ET’s email query, a company spokesperson said: “There is no split amongst our directors (Abhishek or Abhinandan Lodha) and no split of our business. We find these rumours to be malicious and probably circulated by competitors who would like to damage the immense credibility that our business enjoys.”