New Delhi: Godrej group will continue to scout for acquisitions in the FMCG sector in the developing economies, including India, to fulfill its vision of having 10-fold growth by 2020.
"The appetite is never satiated. We are still looking for (acquisitions) in the developing world and India is the part of the developing world," Godrej Group Chairman Adi Godrej said.
He, however, did not specify if any deal would fructify anytime soon.
"If something good (companies) come up in India, Asia, Africa or South America, then the group will go for acquisition," Godrej said.
In the past, the group's FMCG firm Godrej Consumer Products Ltd (GCPL) has acquired many companies and brands mainly in South East Asia, Latin America and Africa.
In January this year, GCPL announced that it would fully acquire Frika Hair (Pty) Limited, a South Africa-based hair extensions company.
The company has been following the acquisition path as part of its strategy to achieve a 10-fold growth in top line in ten years under its vision 2020.
"For the first few years, our plans were on track. In the last couple of years we have grown slow. So we will have to make up," Godrej said.
When asked for comments on FMCG sector, he said growth will continue tracking the 12 percent increase in sales in the last quarter. GCPL posted revenue of Rs 2,097.66 crore in the first quarter of this fiscal.
He also allayed fears that the sales growth in the coming quarters will slow down in rural areas in the wake of deficit monsoon in North West and East India, as predicted by the government.
"No it would not be so... This is a difficult monsoon but up till now, the shortfall is about 12 percent but the spread is such that the crops are pretty good. Around 58 percent of the country has received normal rains, so hopefully agricultural output would be good," Godrej said.
