July 9, 2010
India's Godrej Agrovet expects 15% growth this year
Mumbai-based Godrej Agrovet is eyeing to achieve 15% growth in its turnover in 2010-11, which stood at INR16 billion (US$0.34 billion) during the previous year, according to reports.
B.S. Yadav, the company's managing director said that the diversified agri-business company, which presently sells animal feeds, ready-to-eat foods and processed poultry products, is looking at diversifying into fresher segments.
He added: "Dairy, micro irrigation, seeds and corn seeds are the avenues we are looking at. At this juncture, I cannot say whether our entry into the market will be through the greenfield mode or acquisitions."
Godrej Agrovet can comfortably lift finance for the planned diversification via debt or internal accruals.
On acquisitions, he said that the company is 'always open' for proposals in the palm oil and animal feed segments.
For organic expansion, the company has earmarked INR500 million (US$10.69 million) as capital expenditure for 2010-11 and a big part of the amount will go towards raising capacities of its animal feeds business by erecting three plants in Punjab and Uttar Pradesh.