The Godrej Group said on Tuesday that it is scouting for acquisitions in emerging markets as it is bullish on its growth plans amid the economic meltdown.
NEW DELHI: The Godrej Group said on Tuesday that it is scouting for acquisitions in emerging markets as it is bullish on its growth plans amid the economic meltdown.
"We are continuing to look for acquisitions. Our appetite for acquisitions in India and outside remains unchanged ... We are looking at developing countries," Group Chairman Adi Godrej said on the sidelines of the India Economic Summit here.
"We are looking to buy established brands of consumer products in these countries," he added.
He, however, declined to comment on the size of the possible acquisitions or the target companies.
When asked about the impact of slowdown on the company, Godrej said its business-to-business activities and real estate businesses were likely to be affected.
"On some B2B business, there are problems, especially in export, because for international customers, their business is slowing down," he added.
In real estate, the company's projects are now doing well as it works in joint ventures with landowners, Godrej said.
"... but I'm worried that if the government does not provide adequate monetary and fiscal stimulus in construction and real estate, which is a very large sector and accounts for 10 per cent of GDP, we could get into difficulty," he added.
He further said the government should facilitate affordable housing projects by providing fiscal incentives.
Asked if the company would cut prices of its products as suggested by Finance Minister P Chidambaram, he said, "In some of our businesses price cuts have already been implemented. They (price cut) are across many segments in different ranges, for example in properties."
He said as fuel and commodity prices have eased, so any price increase of consumer durables were unlikely in next couple of years.
"We will continue with our recruitment plans... we are not laying off any employees," Godrej said.
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