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Godrej Interio in talks with Italian and Indian companies for acquisitions

Friday 22 March 2013

At a time when Swedish furniture major IKEA is entering the Indian market, Godrej Interio, one of India’s largest office furniture companies, is actively seeking acquisitions in India and Italy. The company expects to announce at least one deal next quarter.

The subsidiary of Godrej & Boyce Mfg. Co. Ltd. is currently in talks with two companies in Italy that specialise in design and technology with an estimated revenue of Rs 200 crore each for possible buyout, said COO Anil Mathur.

“We are also negotiating with two companies in India, one of them is based in the northern region and the other one is based in south. These are small companies with turnover no exceeding Rs 100 crore,” he said.

The company is looking for acquisitions in India to boost manufacturing capacity in north and south regions in the country, where it does not have strong presence to date. “Acquisition of an Italian design or technology firm will help the company is expanding product offering, which in turn will boost our consumer business,” he added.

Mathur said that the company has headroom to fund acquisitions on its own, and can avail funds from the parent company if required.

Godrej Interio plans to increase sales to Rs 5,000 crore by 2016-17, a growth of more than 20% year-on-year. The present turnover of the company is Rs 1,500 crore.

According to Mathur, the company will also spend about Rs 120 crore in capacity enhancements in different factories over the next two years. About Rs 25 crore will be spent on retail expansion during the period.

Godrej Interio currently gets about 75% of revenue from institutional sales and the remaining from retail consumer sales. However, share of its revenue from retail consumer business is expected grow up to 40% in the next five years, said Mathur.
As part of its plans to boost consumer business, Godrej Interio is planning to double its retail space from about 5 lakh sq ft to more than 10 lakh sq ft in next one year. the company is planning to open about 60 exclusive retail outlets during 2013, mainly in tier-II, tier-III and tier-IV towns. In 2012, it has opened 50 such retail points across the country.

Godrej Interio has recently entered into marketing tie-up with Korea’s Sejin for marine accommodation solutions, Japan’s Itoki and the US-based Knoll Inc for office furniture. It also has an agreement with Netherlands-based LINET Group for hospital and nursing home furniture.

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