Godrej to enhance its presence in the East, diversifies work
Kolkata, Feb 24 (UNI) The furniture and interior designing division of the Rs 1800 crores Godrej and Boyce Manufacturing Company Limited has decided to enhance its presence in Eastern India soon following unprecedented growth in business opportunities in the region.
Announcing this Vice-Present,Godrej and Boyce,Furniture and Interior desiginig division Manoj Ganjawalla here today said as part of the expansion programme they had already acquired a 500,000 square feet office space in the City's IT hub at Salt Lake and is setting up a most modern manufacturing unit, the first in the East, in Guwahati besides opening five more offices in Ranchi, Bhubaneswar, Siliguri,Shillong and Agartala.
About their plan for investment in the expansion programme, Mr Ganjawalla said altogether a total amount of Rs 25 crores were earmarked for this purpose, including Rs seven crores, for setting up the 5th manufacturing unit in Guwahati.
Claiming that Indian home and office furniture market was growing by over 37 per cent annually, Mr Ganjawalla said the total size of these two segments in terms of volume was about Rs 10,000 crores and was growing very fast.
About Godrej's market share in these segments under organised sector, Mr Ganjawalla said at present they were enjoying about 20 per cent market share, which was likely to grow around 27 per cent before the end of this fiscal. " In the east our share varied between 20 and 22 per cent and is poised to grow by about five per cent by March 31," he said.
The current turnover of Godrej's Furniture division was about Rs 450 crores which was likely to cross the Rs 700 crores mark by 2007,after fulfilling this year's target of Rs 600 crore by next March,Mr Ganjawalla said.
About his other future plans including laying special emphasis on interior designing business, Mr Ganjawalla said a number of leading corporate houses including Gail,Tisco and the Bajaj industry had already become their valued clients with many more coming in due course."We have also focussed on developing hospital furniture and school equipment and have found a lot of business opportunities there", he said.
About Godrej's foreign venture,Mr Ganjawalla said four manufacturing units in Oman,Malaysia, Singapore and Vietnam had presently been catering to the demand of entire south Asian and Middle East market."We are also planning to open a new production unit in the USA besides joining hands with local manufactures in Dubai, Sri lanka and Saudi Arabia soon to capture markets in these countries too.Last year Godrej furniture exports accounted for about seven per cent of the compny's total volume of sales,the companay Vice-President said.
UNI ABA KK RN 1750