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.
Godrej appliances is targeting to become the third largest player in the air conditioner market.
Betting big on a range of new products, including commercial refrigeration, high-end televisions, cooking and food processing appliances, Godrej Appliances is targeting a turnover of Rs 2,000 crore (Rs 20 billion) for 2008-09 against Rs 1,400 crore (Rs 14 billion) in the current financial year.
Godrej & Boyce will invest Rs 100 crore (Rs 1 billion) to set up a refrigerator manufacturing facility near Pune and expects to clock a turnover of more than Rs 1,000 crore (Rs 10 billion) in the current fiscal.
Indian consumer durable market faces competition from Korean dealers.
November IIP data show a fall of over 20%, led by automobiles, gems & jewellery and home appliances; turnaround seen as unlikely.
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