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Renowned industrialist Adi Godrej will step down as Chairman of Godrej Industries Ltd (GIL) on October 1, and his younger brother, Nadir Godrej, currently the GIL Managing Director, will succeed him, it was announced on Friday.

Adi Godrej, 79, will also step down from the GIL Board of Directors but will continue to serve as the Chairman of the Godrej Group and also as GIL Chairman Emeritus, while Nadir Godrej, 69, will become the Chairman and Managing Director at the Mumbai-headquartered GIL, as per the company.

In his comments on the developing, the outgoing Chairman said that it was a "privilege to serve the GIL for over four decades" during which it had delivered strong results and transformed the company.

"I am grateful to our Board for their support and guidance; to all our team members whose passion, commitment and hard work has driven our success; and to all our customers, business partners, shareholders, investors, and communities, for their continued partnership," Adi Godrej said.

He expressed confidence that the company's "best years are ahead" and looked forward to Nadir Godrej and his team achieving the exciting aspirations.

Nadir Godrej expressed the Board's gratitude to its outgoing Chairman "for his vision, values and exceptional leadership that guided nd shaped" the company.

"Our leadership team is committed to building forward on these foundations; continuing to serve our people and communities, and creating long-term value for all our stakeholders," he assured.