Mumbai: Home appliances-maker, Godrej Appliances, has earmarked a Rs100-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 Rs1,700-crore in FY 10.
“We will be investing around Rs100-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 Rs1,400- crore. This year (FY 10), our target is Rs1,700-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%, Godrej Appliances grew by a thumping 33%.
“Growth could have been better, had the meltdown not happened. Our target was to clock a 40% growth rate for 2008-09,” the company’s Vice President, Sales and Marketing, Appliance Division, Kamal Nandi, said.