Godrej Locking Solutions and Systems will focus on strengthening and expanding its digital locks segment to meet the demand. It will invest in a big way in designing, research and manufacturing of such locks and aims to achieve 10 per cent growth in the segment in next three years, said Shyam Motwani, business head, Godrej Locks.
Presently, at least 3 per cent of the revenue comes from the digital segment.
“Digital locks market is growing and we are scaling up to meet the demand. Strategic investments will be done to boost our research and manufacturing of the locking systems,” said Motwani.
The product mix in digital lock segment will be increased. It will soon launch new products equipped with the latest safety measures to provide complete modern locking solutions to the hospitality industry and other institutions.
“We will be focussing on both B2C as well as B2B space and will be working with the government also,” said Motwani.
Innovative products are being designed to meet the needs of various sectors right from electricity utility units to power sectors.
Godrej aims to achieve a turnover of Rs 1,000 crore by 2022 and fulfil the slew of measures. Along with expanding its reach in domestic market, the company aims to increase its business overseas also.
From venturing into new markets in African and Latin American countries, the company is also trying to get necessary certifications in foreign countries for its products to ensure they are widely accepted.
It will focus on producing relevant products for various industries.
Godrej exports products to over two dozen countries. “Currently, 4 to 5 per cent of the revenue comes from exports and our aim is to make it 8 to 9 per cent in next three years. We will be venturing into more unexplored markets,” Motwani said.
Besides, it will work aggressively on promoting its architectural and kitchen fittings, which are growing rapidly.
He believes the architectural and furniture fittings will be major growth drivers of the company.
It is eyeing a double-digit growth this year and likely to clock a turnover of over Rs 700 crore in this financial year.
Godrej has allocated a budget of Rs 50 crore to be spent in the next 2-3 years in creating awareness among people.