Godrej & Boyce Targets 50% Revenue Growth in Material Handling

Mumbai, Aug 22 (PTI) Godrej Group's flagship firm Godrej & Boyce on Thursday said it is aiming for 50 per cent growth in revenue from its material handling equipment (MHE) business in the next 2-3 years.

The company also stated that its upcoming new facility at Khalapur in Maharashtra will commence production by the end of 2024.

The company's MHE business also launched a Lithium-ion battery-powered forklift truck with an indigenously-developed Battery Management System (BMS).

These batteries, which will cater to segments such as FMCG, consumer durables, retail including e-commerce, pharmaceuticals, and other major manufacturing sectors, offer up to 15% more run time to two and three-tonne forklifts while the modular design also allows for scalability, Godrej & Boyce said.

Developed in partnership with Log9 Materials, the new battery systems integrate lithium-ion cells with 30 per cent localized production with a proprietary BMS fully designed and made in India, it said, adding the business has set a target of 100 per cent localisation for the cells by next year.

Traditionally, the Indian market has heavily relied on imported batteries and BMS systems, primarily sourced from China, according to the company.

Localizing this technology underscores the business's commitment to the 'Make in India' vision and fostering a resilient domestic supply chain, it said.

The company also said it plans to extend this technology to other material-handling equipment.

Godrej is India's largest manufacturer of industrial fork trucks.

"The material handling equipment (MHE) business is Rs 1000 crore (in) revenue (at present). We are targeting Rs 1500-crore revenue from this business in the next 2-3 years," said Anil Lingayat, Executive Vice President and Business Head for the material handling business of Godrej & Boyce.

"India's logistics sector is at a pivotal juncture, experiencing robust growth driven by infrastructure advancements across sectors fuelled by rising consumer demand. At Godrej & Boyce, we are committed to 'Make in India' strategies, playing a vital role in driving this growth," said Anil Verma, Executive Director & Chief Executive Officer at Godrej & Boyce.

Stating that the company's focus on integrating technology-enabled solutions remains a key priority, addressing the complex challenges of modern supply chains, he said these innovations are crucial for enhancing operational efficiency and ensuring the sector's continued evolution.