Leading furniture manufacturer Godrej Interio aims to become a $1-billion company by 2016 and plans to invest over Rs 200 crore every year to achieve this target, a top company official said today.
"We aim to become a $1-billion company by 2016. We have embarked on a massive expansion plan for which we will be investing over Rs 200 crore every year to achieve this target," the company's Chief Operating Officer Anil Mathur told PTI here today.
The company manufactures home and office furniture along with solutions for laboratories, hospitals and healthcare establishments, education and training institutes, shipyards and navy, auditoriums and stadiums.
Godrej Interio, a flagship division of Godrej & Boyce Manufacturing Company, has recently entered into the mattress industry by offering a comprehensive range of rubberised coir, spring and latex mattresses.
"The Indian branded mattress industry is around Rs 1,500 crore and our share in this market is only around 5%. But now we are targeting a CAGR of 40% in market share over the next three years.
Also, we are aiming a CAGR of over 26% in the furniture segment, which is a Rs 30,000 crore industry," he said.
Currently, the company is exporting furniture in bulk to Australia, Caribbean, Canada, UK, France, Africa, Venezuela, UAE and Saudi markets.
"We have already established two branches overseas in UAE and Saudi Arabia each to meet the local demand from the nearby markets. We are exporting our products in different markets but now we want to consolidate in markets including Europe, Australia and North America," Mathur said.
"The investments would be used for mainly expanding our footprints in other geographies as well as in innovation, designing and research in brining out more comfortable and affordable mattresses for our customers," he said.
Godrej Interio has also made an entry in the Limca Book of Records by manufacturing a 100 feet long spring mattress.
