Godrej & Boyce has set aside a capital expenditure of Rs 300 crore this financial year, with the appliances division expected to corner Rs 80 crore.
"We are investing heavily in repositioning our brand in terms of target customers and innovation in products across categories," said George Menezes, the chief operating officer of Godrej & Boyce at a press conference in Kolkata today. The company is also looking at inorganic growth to expand its business and consumer reach.
"We are looking at acquisitions outside India for all the 14 businesses under Godrej & Boyce," informed P D Lam, the president of Godrej & Boyce.
The company is also looking at a turnover of Rs 4,500 crore this financial year, of which the appliances division is expected to contribute close to Rs 1,400 crore.
According to Menezes, Godrej's new range of products would target the urban youth since more than 65 per cent of the country's population is below 30 years of age.
Godrej recently launched washing machines that could run without continuous power and water supply.
"At Godrej, we noticed that washing machines had just about 8 per cent penetration level in India compared with 18 per cent and 36 per cent penetration levels for refrigerators and televisions, respectively. We identified power and limited supple of water as the main reasons behind low washing machine usage in the country," explained Kamal Nandi, vice-president - sales and marketing, Godrej & Boyce.