Chennai, Sep 18 (IANS) The $2.5-billion diversified industrial group Godrej, which has plans to double its turnover in three years, is looking at acquiring fast moving consumer goods (FMCG) brands.
“Our objective is to achieve 25 percent yearly growth of which around 10 percent will be from acquisitions and the balance organic,” group chairman Adi Godrej said here Friday.

“We are looking at acquisitions in haircare/hair colouring segments in developing markets like Brazil, Egypt and others as the potential is large.”

In the domestic FMCG market, he said, Godrej’s strategy would be to “acquire an existing brand and build it rather than growing a brand, fighting against the established players”.

The group has formed an FMCG portfolio cell to look after mergers and acquisitions.

Meanwhile the group is getting more active in the real estate space through Godrej Properties Ltd, which is expected to hit the market with an initial public offering (IPO) soon.

“Currently around 100 million square feet property is being developed across the country. The focus will be on developing residential properties,” said Godrej.

Godrej Properties will soon start building a residential apartment on 12.5 acre plot near here.

On the 3,500-acre property the company owns at Vikhroli in Mumbai, he said: “We will be building iconic residential, commercial buildings there.”

Godrej declined to disclose the amount Godrej Properties is expecting to raise from the IPO.

While the group has moved some of its plants out of Mumbai to Himachal Pradesh due to tax benefits, Godrej said there was no move to reduce the number of plants. The group now has around 100 plants.

“On the other hand, the number may go up as Godrej Agrovet operating in the animal feed business will be setting up new facilities near its markets,” he added.