Chowgule Group announces restructuring of biz into 2 separate entities

Goa-based diversified Chowgule Group on Thursday announced the restructuring of its business into two separate groups, saying the move will allow it a diversified vision and approach and help in bringing focus to growth and expansion.

The 104-year-old group has presence in about 14 sectors, including mining, shipbuilding, boat building, ship repairs, construction chemicals, and automobile dealerships.

All the businesses will focus on future readiness, striking a balance between expansion in existing businesses and developing new lines of business, the group said while assuring all its stakeholders that it will continue to unlock value for them, as it has done in the past.

Following the restructuring, legacy flagship company Chowgule & Co, led by its current Chairman and Managing Director Padma V Chowgule, will have control of mining, pellets, salt, shipbuilding and educational institutes, it said.

Stating that the next generation of the Chowgule family in the business will continue to support Padma Chowgule, the release said. ''Driven by excellence, the young and dynamic leadership of this Group has demonstrated a stellar track record of turning around businesses and achieving consistent growth and profitability over recent years,'' it said.

The cornerstone of this vision will be the existing experienced talent base, along with an infusion of new skills, it said.

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