NT NETWORK
PANAJI
Madkai based, Godrej Locking Solutions and Systems, a Godrej Group company, is eyeing revenues in the region of Rs 720-750 crore for 2018-19, the current financial year.
Longer term the company is aiming for Rs 1,000 crore revenue by 2022 by betting on premium locking solutions and focusing on new categories like architectural hardware and kitchen systems.
Speaking to the media on Tuesday, Shyam Motwani, business head, Godrej Locking Solutions, said that, the company plans to manufacture electronic locks at its Tivim plant.
“Currently the product is on field trial and we will start working on assembling these locks by next year,” he said, adding that, Goa is the only production hub of all Godrej locks sold within and outside India.
The total locks market in India is estimated to be Rs 5,000 crore of which the organised segment is 40 per cent. Godrej Locks enjoy a market share of 45 per cent in the organized segment.
“India is leapfrogging in adoption of electronic solutions to door locks and various locking applications. We are focusing on premium locks and digital technology to drive this adoption,” said Motwani.
Godrej Locks has four manufacturing units in Maharashtra, Gujarat and Goa which is the site of two plants in Madkai and Tivim. The Madkai plant which is the mother plant is fully integrated and said to be the largest lock factory in India and the third largest in the world.
Speaking about the Madkai manufacturing plant, Motwani added, “It is the first state-of-the-art auto plating plant in India that blends performance and sustainability. We are already in process of automating the manufacturing processes which will increase productivity and help cater to the ever increasing demand. Our capacity augmentation drive at the Goa plant is a significant aspect of our operations.
“Our locking solutions have penetrated into the market due to the design led innovation, automated high technology and eco-friendly process used to manufacture these products,” explained Motwani. He further added that, the company recycles the waste generated in the manufacturing process in order to reduce wastage of resources. The company earns the highest sales of locks from the southern region followed by the north. The company also has a presence in exports and set an export target of four per cent (of turnover) to Middle East and Africa
by 2022.
Motwani added that, Goa is known for greenery and the plant locations in the state blends well with the company’s initiative to go green. Godrej Locking Solutions and Systems is a part of Godrej & Boyce.