| Lam: New ways
Calcutta, Sept. 24: Godrej & Boyce Manufacturing Co Ltd is targeting a revenue of Rs 4,500 crore this fiscal, with the appliances division’s share being Rs 1,400 crore.
The company is also redesigning its products to attract young customers.
“We have a compounded growth rate of around 30 per cent. The appliances division has recorded a 46 per cent rate of growth compared with the industry average of 15 per cent,” said Phiroze D. Lam, executive director and president of Godrej & Boyce.
The appliances division is focussing on colour television sets and commercial refrigeration.
“Many global players are in touch with us for joint venture partnerships to make colour television sets. The organised retail explosion in the country will also provide a new dimension of growth to commercial refrigeration, which is another area we are looking at,” said Lam.
The company will increase its refrigerator manufacturing capacity to 1.5 million units from one million per year.
“Both our factories can be expanded for another 20 years. We have sufficient land around our plants and will keep on expanding our lines,” Lam said.
The appliances division launched coloured washing machines with DAC technology. The technology enables the machine to sense power and water need and sets the machine accordingly by regulating water and power flow.
The machines are priced between Rs 13,000 and Rs 14,000. The company is also planning to develop its properties at Salt Lake and Shalimar.
The company is on the lookout for international acquisitions and collaborations for all its 14 divisions.
Inorganic growth is very important in the company’s overall scheme, Lam said.
The company’s export turnover was around Rs 650 crore. Godrej & Boyce, however, has decided not to invest in HMT.
“We tried our best to make it work, but it does not make sense to us anymore. The business does not share the same brand values as we do and therefore we will not investment in it,” said Lam.