Home appliances-maker, Godrej Appliances, has earmarked a Rs 100-crore investment in the current fiscal (FY 10) to expand the capacity of its five manufacturing plants in the country.
The Adi Godrej group company is also eyeing a turnover of Rs 1,700-crore in FY 10.
"We will be investing around Rs 100-crore in our plants at Punjab, Maharashtra and Uttaranchal. The funding will be through internal accruals," Godrej & Boyce Manufacturing Co, Appliance Division, Chief Operating Officer, George Menezes, told PTI here.
"We closed FY 09 with a turnover of about Rs 1,400- crore. This year (FY 10), our target is Rs 1,700-crore, five per cent of which will be invested in research and development," he said.
The company manufactures refrigerators, washing machines, air-conditioners and microwaves, among other home appliances.
Citing ORG-GSK February estimates, Menezes said that against the industry growth of 10 per cent, Godrej Appliances grew by a thumping 33 per cent.
"Growth could have been better, had the meltdown not happened. Our target was to clock a 40 per cent growth rate for 2008-09," the company's Vice President, Sales and Marketing, Appliance Division, Kamal Nandi, said. The company sells 1.5million units of home appliances on an annual basis.
"India's top 35 metros is where we generate most of our sales from," Nandi said.
The company also exports its products to Singapore, Afghanistan, the Middle-East, Egypt, Kenya, Rwanda, Bahrain and Oman.
Godrej has been manufacturing eco-friendly air-conditioners and refrigerators since 2000 under the "Eon" brand. The company has been investing into producing energy-efficient and non-Chloro Fluoro Carbon (CFC) emitting ACs and fridges. CFC is a harmful gas that depletes the earth's ozone layer.
