After establishing a toehold in retail, Godrej Group now wants to get into the back end. Godrej Appliances is all set to enter the commercial refrigeration market with initial due diligence already underway. Godrej plans to invest around Rs 70-100 crore for setting up a new facility. The company aims to start this venture in this financial year. The potential areas that it plans to tap include food, beverages, pharma and hospitality.
In India, the commercial refrigeration market size is said to be in the tune of Rs 1,200-1,500 crore with Voltas, Blue Star as category leaders. With significant revenue growth expectation, company was also exploring the option of having a strategic partner for this venture and wants to diversify its product portfolio, which currently only restricted to households. This is a strategic move by Godrej Appliances to diversify from household products to commercial refrigeration segment.
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