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<keyword id="6369697" type="General" weightage="20" keywordseo="Godrej" source="Orion">Godrej</keyword> &amp; Boyce on Tuesday said it will be investing Rs 100 crore over the next three years to acquire material handling equipment. Demand for renting the equipment is high and the capital investments will be by Godrej Rentrust eyeing a share of the same, a statement said. Pegging the overall market at Rs 2,200 crore, the company said it is eyeing business in the auto, engineering, chemicals and pharma, food and beverages, fast-moving consumer goods, logistics, ecommerce and retail sectors. In the January-March period, it received 100 orders from companies for deploying equipment, the statement said. <keyword id="17561767" type="General" weightage="20" keywordseo="renting-equipment" source="Orion">Renting equipment</keyword> has become a preferred option for businesses seeking managed services and bypassing high upfront costs, the company said, adding that it has grown at over 20 per cent per annum over the last five years. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/nifty-sensex-now-at-reasonable-valuations-but-midcaps-small-caps-and-financials-still-have-some-juice-left/articleshow/100611412.cms">Nifty, Sensex now at 'reasonable valuations' but midcaps, small caps and financials still have some juice left</a> <a href="https://www.businessinsider.in/business/auto/news/mm-q4-standalone-net-profit-rises-22-yoy-to-1549-crore-misses-estimates/articleshow/100528645.cms">M&amp;M Q4 standalone net profit rises 22% YoY to ₹1,549 crore, misses estimates</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-not-jio-to-gain-the-most-from-vodafone-ideas-troubles/articleshow/100524707.cms">Airtel, not Jio, to gain the most from Vodafone Idea's troubles</a>

Godrej Group arm to invest ₹100 crore to acquire material handling equipment to be rented out

<ul><li><keyword id="141771" type="COMPANY" weightage="20" keywordseo="Godrej-Appliances">Godrej Appliances</keyword> said that it will augment production capacity by 1.9 million units by 2022. </li><li>It plans to introduce newer technologies and carry out backward integration. </li></ul>Godrej Appliances on Monday said it will invest Rs 700 crore to increase its annual appliance production capacity by 19 lakh units by 2022, taking it up to 65 lakh units per annum.
 The appliances maker also plans to introduce newer technologies and carry out backward integration.
 "Godrej Appliances is all set to invest another Rs 700 crore by 2022. This latest announcement takes the tally of Godrej Appliances' investment in capacity and technology expansion to Rs 1,100 Crore over a period of six years," the Godrej &amp; Boyce Mfg Co unit said.
 The fresh investment is aimed at raising the company's annual appliance production capacity by 19 lakh units by 2022, increasing it up to 65 lakh units per annum, it added.
 With this investment, Godrej Appliances plans to double the current capacity for washing machines - both fully automatic top load and semi-automatic - at its Shirwal and Mohali plants.
 "The brand also plans to introduce a new product line for fully automatic front load washing machines with annual capacity of 4 lakh units," it added.
 In the refrigerator category, Godrej Appliances intends to augment the production capacity by 33 per cent in both premium range and mass range.
 "The investment is also directed towards manufacturing of power-efficient chest freezers and 30 lakh units of compressors utilising newer technology in the product and processes. Part of the outlay will be for backward integration of air conditioners at the Shirwal factory," it added.
 Godrej Appliances has also decided to up the ante to amplify the on-going premiumisation focus.
 The company's Business Head and Executive Vice President Kamal Nandi said, "This investment broadens Godrej Appliances' capability and reflects its commitment to providing customers with exceptional products, while attesting our alignment towards 'Make in India'.
 "Through this expansion, we aim to take brand Godrej to even greater heights utilising our strength of manufacturing expertise. The proposed expansion, once complete, will allow us to meet the increasing demand for premium products from Indian customers better."
 Godrej Appliances, a business unit of Godrej &amp; Boyce Mfg Co Ltd, is present in the segment such as air conditioners, washing machines, refrigerators, microwave ovens and air purifiers.
 It has a network of 23,000 dealer and retailer outlets, and is present across India through over 100 exclusive brand outlets.

Godrej beats slowdown blues to invest ₹700 cr and expand its appliance production

New Delhi, Feb 14 () V-Sciences Investment, an investment arm of Temasek, on Friday offloaded nearly 38 lakh shares of Godrej Agrovet for a little over Rs 204 crore through open market transactions. According to bulk deal data available with the BSE, a total of 37,84,738 shares of Godrej Agrovet, agri-business firm of Godrej Industries, were sold by V-Sciences Investment Pte Ltd. The shares were offloaded on an average price of Rs 539.13, valuing the transaction at Rs 204.04 crore, the data added. Meanwhile, Godrej Industries picked up 32,20,000 shares of the agri-business company. At the end of the December 2019 quarter, V-Sciences Investment held 2,47,07,698 shares, amounting to 12.87 per cent stake, of Godrej Agrovet. Shares of Godrej Agrovet closed at Rs 520.30 apiece on the BSE, down 6.45 per cent from the previous close. SP HRS

Temasek investment arm sells Godrej Agrovet shares worth Rs 204 cr

<ul><li>Cousins Adi Godrej and Jamshyd Godrej are known to have differences in opinion on how to develop their massive land bank </li><li>Their grandfathers have founded the Godrej Group and have been acquiring this land since the 1940s. </li><li>Jamshyd has hired Nimesh Kampani of J M Financial while Adi and his brother Nadir have hired Uday Kotak and Cryril Shroff for negotiations.</li></ul>One of India’s oldest business families of India, Godrej has decided to split their enormous land holdings, tangled between themselves, to make way for real estate development, according to reports. Cousins Adi Godrej and Jamshyd Godrej are known to have differences in opinion on how to develop their massive land bank that extends over 3,400 acres in Mumbai. The Godrej family released a joint statement by Adi Godrej and Jamshyd Godrej, calling them ‘normal’ family discussions. 
 <div type="ExtQuote" text="We have been working on a long term strategy plan for the Group for several years. As part of this exercise, we have sought advice from external partners to help us think through options. The family regrets the sensationalist media coverage of these normal and private family discussions." auname="Statement by Godrej family"></div>

 Their grandfathers have founded the Godrej Group and have been acquiring this land since the 1940s. And a large chunk of it, around a 1,000 acres lies in the prime real estate areas of Vikhroli. While Adi heads Godrej Consumer and Godrej Properties, Jamshyd is the chairman and managing director of Godrej and Boyce. The closely held Godrej and Boyce is the owner of most of this land, while Adi’s real estate development company, Godrej Properties pays around 15% of the project revenue to them,<a href="https://economictimes.indiatimes.com/news/company/corporate-trends/godrej-family-may-rework-pacts-after-rift-over-land/articleshow/69966815.cms"> as per an ET report</a>. Now, however, both sides have hired investment bankers and lawyers to re-work family arrangements, in order to make way for Adi’s properties business to turn into the city’s largest real estate developer. Top investment bankers will be a part of tough negotiations to untangle the complicated family pacts. While Jamshyd has hired Nimesh Kampani of J M Financial while Adi and his brother Nadir have hired Uday Kotak the chairman of Kotak Mahindra Bank and Cryril Shroff of Cyril Amarchand and Mangaldas, as per a<a href="https://www.business-standard.com/article/companies/godrej-family-hires-top-law-firms-to-untangle-land-holdings-worth-rs-20k-cr-119062700056_1.html"> report by Business Standard</a>. The Godrej Group was founded by Ardeshir Godrej along with his brother, Pirojsha Godrej in 1987. Pirojsha’s sons formed the second generation as Ardeshir died childless. The third generation consists of Adi, Nadir and Jamshyd.

A 122-year old Indian business family has hired bankers and lawyers to split the land of their fathers

Realty firm Godrej Properties on Friday launched a luxury housing project at iconic R K Studios' land in Mumbai. 
 In May last year, the company had announced the acquisition of the land in Chembur to develop mixed-use project comprising luxury flats and retail space.
 Godrej Properties, part of Godrej group, had said that the project spread across 2.2 acre would offer about 3.5 lakh sq ft of saleable area. The company had not disclosed the deal value.
 The company on Friday said it is launching a luxurious residential development at <keyword id="29457" type="COMPANY" weightage="20" keywordseo="RK-Studios">RK Studios</keyword>, Chembur. Godrej Properties did not mention total housing units to be developed and the investments to be made in the project. 
 Pirojsha Godrej, Executive Chairman, Godrej Properties said, "We are thrilled to launch Godrej RKS at the iconic RK Studios in Chembur. We will seek to ensure we celebrate the remarkable legacy of this site with a landmark development that delivers an outstanding lifestyle for its residents."
 Godrej RKS is strategically located on the main Sion-Trombay Road. 
 Founded by Raj Kapoor in 1948, the studio is witness to the making of several films produced by the Kapoor family over the decades.
 After selling this studio last year, <keyword id="1562" type="PERSON" weightage="20" keywordseo="randhir-kapoor">Randhir Kapoor</keyword> of R K Studios had said: "This property in Chembur has been of tremendous significance to my family over the many decades that R K Studios has operated from there." "We...have chosen Godrej Properties to script a new chapter for this location and build upon its rich history," said Kapoor, the eldest son of late actor Raj Kapoor.

R K Studios will be turned into a luxury housing project, says Godrej Properties

Internship programs help companies make better hiring decisions and also provide great insights for students so that they make more informed recruitment decisions. 
 For years, Gurukul, <keyword id="6369697" type="COMPANY" weightage="100" keywordseo="Godrej">Godrej</keyword>’s two-month internship program, has been a source of business school talent for the company. As part of Gurukul, students work on real-time, live projects across the different business of Godrej. The company invests significantly in mentoring for all its interns and also has buddy program to help interns better integrate with the teams at Godrej. 
 
<a href="http://www.businessinsider.in/Exclusive-AdvantEdge-Partner-Kunal-Khattar-on-why-Failure-should-be-Celebrated-in-an-Entrepreneurs-Risky-Life/articleshow/58530868.cms">ALSO READ: Exclusive: AdvantEdge Partner, Kunal Khattar on why Failure should be Celebrated in an Entrepreneur’s Risky Life</a> 
 
On an average, around 40 per cent of the Gurukul batch receives pre-placements offers for Gallop, Godrej’s management trainee program. 
 <keyword id="113571" type="CITY" weightage="20" keywordseo="Godrej-Industries">Godrej Industries</keyword> welcomed its 87 interns across 11 B-schools with immense grandeur this year. The welcome program was spread across 2 days. Day 01 was dedicated to the fun activity called The Amazing Race while Day 02 consisted of formal welcome notes from senior leadership across businesses of Godrej. Nisaba Godrej, Executive Director at <keyword id="133008" type="COMPANY" weightage="20" keywordseo="Godrej-group">Godrej Group</keyword>, and <keyword id="218886" type="PERSON" weightage="20" keywordseo="Vivek-Gambhir">Vivek Gambhir</keyword>, ‎Managing Director at GCPL among other senior leaders answered queries of the new joiners. 
 
<a href="http://www.businessinsider.in/The-International-MetLife-Foundation-Inclusion-Plus-Competition-has-awarded-this-startup-100000/articleshow/58531903.cms">ALSO READ: The International MetLife Foundation Inclusion Plus Competition has awarded this startup $100,000</a> 
 
Check out the pictures from the program.

See why Godrej's
internship program is a great option for college students

New Delhi, Feb 13 () Godrej Industries Ltd on Thursday reported a consolidated net profit of Rs 216.32 crore in the third quarter ended December 31, 2019. The company, which announced reappointment of Nadir Godrej as its managing director for a period of three years, had posted a consolidated net profit of Rs 156.42 crore in the year-ago quarter. Revenue from operations during the third quarter this fiscal stood at Rs 2,696.31 crore. It was Rs 2,417.58 crore in the same period a year ago. The company said during the previous year, one of its subsidiaries had acquired control of Godrej Tyson Foods Ltd and Godrej Maxximilk Pvt Ltd and they became subsidiaries with effect from March 27, 2019. Accordingly consolidated financial results of the current quarter and nine months ended December 31, 2019 include results of these acquired firms. Hence, the consolidated financial results of the current quarter and nine months ended December 31, 2019 are not comparable with the financial results of the corresponding previous periods, the company said. On Godrej's reappointment, the company said the Nomination and Remuneration Committee of the Board of Directors had recommended the proposal. The board approved the re-appointment of managing director of the company for a further period of three years commencing from April 1, 2020 upto March 31, 2023 subject to approval of the shareholders. Godrej Indistries also said its board has approved investment of up to Rs 5OO crore by way of subscription or purchase of securities or otherwise in Godrej Agrovet Ltd, its subsidiary company subject to shareholder approval. RKL SHWSHW

Godrej Industries Q3 net at Rs 216.32 cr

Enthused by strong housing demand, realty firm Godrej Properties Ltd has acquired 18 land parcels last fiscal for development of new projects with an estimated sales potential of around Rs 32,000 crore. Mumbai-based Godrej Properties, which is part of business conglomerate <keyword id="133008" type="General" weightage="20" keywordseo="godrej-group" source="Orion">Godrej Group</keyword>, had given a guidance that for future development it would add land parcels that have sales revenue potential of Rs 15,000 crore. However, the company's new business development, which means addition of new land parcels, jumped more than two-fold of annual guidance. Godrej Properties acquires land outrightly and also enters into joint development agreements (JDAs) with landowners to create a pipeline of future projects and expand its business. In a recent regulatory filing, the company presented its operational performance for 2022-23. Godrej Properties highlighted that it has added "18 new projects in FY23 with a total estimated saleable area of nearly 29 million square feet and total estimated booking value of around Rs 32,000 crore." In the fourth quarter of last fiscal, five new projects were added with an expected sales booking value of Rs 5,750 crore. Among big-ticket deals in FY23, the company acquired an 18-acre land parcel in Kandivali, Mumbai for Rs 750 crore to develop a luxury housing project with an estimated revenue potential of about Rs 7,000 crore. It also acquired legendary film actor, director and producer Raj Kapoor's bungalow at Chembur in Mumbai to develop a luxury housing project. In February last year, Godrej Properties Executive Chairman Pirojsha Godrej had said that the company would invest around Rs 7,500 crore over the next 12-18 months on the acquisition and development of new real estate projects. Sitting on a huge cash pile, Godrej Properties entered aggressively into the market to acquire land parcels. In the last fiscal, it purchased more land outrightly than signing JDAs with landowners. On operational front, Godrej Properties' sales booking rose 56 per cent last fiscal to Rs 12,232 crore -- an all-time high -- on strong demand for residential properties. Pirojsha Godrej attributed the strong growth in FY23 to its strong portfolio of projects across the country. For the first time, the company sold over Rs 2,000 crore of real estate in each of four focus markets of Mumbai Metropolitan Region (MMR), Delhi-NCR, Bengaluru and Pune. Out of the total sales bookings last fiscal, housing segment's contribution was 99 per cent. Pirojsha said the company look forward to building on this sales momentum in FY24. During 2022-23, sales volumes grew by 40 per cent to 15.21 million square feet from 10.84 million square feet in the previous year. The company delivered projects aggregating over 10 million sq ft across 5 cities in FY23. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zepto-preps-for-public-listing-in-2-years-brings-in-ramesh-bafna-as-cfo-to-lead-ipo-process/articleshow/99514143.cms">Zepto preps for public listing in 2 years; Brings in Ramesh Bafna as CFO to lead IPO process</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbis-mpc-decisively-in-a-rate-pause-territory-as-inflation-cools-down/articleshow/99497132.cms">RBI's MPC 'decisively' in a rate-pause mode as inflation cools down</a>

Godrej Properties acquires 18 land parcels in FY23 to build new projects with Rs 32,000-cr sales potential

New Delhi, Jul 15 () Over a century after making its first soap in 1918 during the Spanish flu pandemic, becoming the first company in the world to produce soap using vegetable oil instead of animal fat, Godrej Consumer Products Ltd (GCPL) is looking at 2020 as its 'second beginning', according to the company's executive chairperson Nisaba Godrej. Addressing shareholders in the company's annual report for 2019-20, Godrej described COVID-19 pandemic as "a health, humanitarian and economic crisis of epic proportions to contend with" for which the company would "need to do more of what we do and do it even better". Stressing that the company will not be deterred by the current crisis, she said, "Godrej was founded in a crisis; as part of India's freedom and swadeshi movement in 1897, and also during the bubonic plague that year." "We first made soap in 1918 (also the first soap in the world to be made from vegetable oil and not animal fat) during the Spanish flu pandemic. So, as we see it, 2020 could be our 'second beginning' for the next 123 years of Godrej." Reiterating the company's resolve Godrej said, "While we don't get to choose market conditions or the intensity of our competitors, and certainly not a global pandemic, we do choose our attitude in the face of these." She said "there is no denying that this is a bad situation. But, we are also fortunate that GCPL is an FMCG company with a robust portfolio to deliver in a COVID-19 world." 80 per cent of the company's product portfolio comprises health (household insecticides), hygiene, and value for money products, Godrej said, adding that "many of our innovations have started playing out fully in the last couple of months and we have seen high growth in household insecticides and hygiene." Admitting that the company's performance in 2019-20 "was not good", she said sales declined around 4 per cent and profit before tax (pre-exceptions) was flat. March 2020 was particularly impacted by the spread of the COVID-19 pandemic and the eventual lockdown in many geographies where the company operates. This resulted in virtually no sales in the latter part of the month, she added. In order to overcome the challenge of the current health crisis, she said, "The excellence we will require now, going against water rather than with water, to perform and take market share, means a significant step up in ways we probably haven't even realised yet." Godrej said 2020 will be the "Year of Resurgence" for GCPL's household insecticides business. "This is our largest and most critical category globally. We are going where the consumer demand is and the demand is to protect their health. We see this as a long-term area of focus," she added. Although the company struggled initially to meet demand, which has been very strong in the last couple of months, Godrej said, "We are scaling up our supply systems and have never had stronger portfolios across price points and formats, in India and Indonesia, to serve this." The company is also making a foray into this category in Africa, where it is still underserved, she added. In response to COVID-19, GCPL had launched sanitiser products across India and SAARC, Indonesia, Africa, Latin America, and US in just a few weeks. "In many of these markets, it was the first time we were entering the category. We will now be scaling these up into full portfolios with multiple product offerings," she said. Stating that India and Indonesia make up roughly 70 per cent of the company's overall business, she said, "There are significant opportunities for growth here, especially given the current consumer demand trends, and we are well poised to leverage this." Godrej also said GCPL has "big dreams" for Africa, one of its largest investments outside India, although its performance over the last few years there has not been up to the mark. "Africa has a young, fast-growing, urbanising population with growing aspirations. There is much to yet start unearthing as infrastructure, industrialisation and digital leapfrog. We see tremendous opportunity here, to innovate and grow sustainably both in hair care and household insecticides, while also 'doing good'," she said. RKL RVK

Godrej Consumer sees 2020 as 'second beginning' for co

Mumbai, Jan 17 () E-commerce giant Amazon's chief executive and world's richest person Jeff Bezos on Friday concluded his three-day India visit with meeting captains of Indian industry.
Among those who met included Reliance Industries chairman and richest Indian Mukesh Ambani, who is also into retailing, and a host of other c-suite honchos.
The meeting was held at a star hotel in South Mumbai this morning.
Others who were present included SBI chairman Rajnish Kumar, Godrej Group chairman Adi Godrej, Zarin Daruwala of Standard Chartered Bank, Xiaomi's India Head Manu Jain, Infosys co-founder NR Narayana Murthy and Bank of America's Kaku Nakhate.
Retail and Fast Moving Consumer Goods players, including Kishore Biyani of Fture Group (where Amazon has an investment), Hindustan Unilever's Sanjiv Mehta, Nestle India's Suresh Narayanan and Proctor and Gamble India's Madhusudhan Gopalan were also present.
Sunil Mittal of Bharti Airtel was also present for the meeting wherein Bezos was accompanied by the head of Amazon in India, Amit Agarwal.
Among others were Infosys' Salil Parekh, HSBC's Surendra Rosha and Ola's Bhavish Agarwal.
 The business leaders posed for a group photo on the hotel's stairs before departing.
Bezos visited Rajghat in New Delhi on Tuesday, followed it up with a meet with small businesses on Wednesday and spent time with Bollywood celebrities on Thursday evening as part of the visit.
He has announced investments of USD 1 billion over the next few years and also create 1 million new jobs in India by 2025.
Bezos could not reportedly get an audience with Indian Prime Minister Narendra Modi, while Union Commerce Minister Piyush Goyal stoked a controversy by stating that the e-commerce giant which is being investigated for predatory pricing is not doing India any favour by the investment. AA MKJ

Jeff Bezos meets industry captains, concludes 3-day India visit

Mumbai, Jan 22 () Philanthropy arms of top corporates, including the Tatas, Mahindras, Godrejs and Premjis, on Wednesday announced a partnership to minimise the climate change impact.
 The India Climate Collaborative (ICC) will be working to strengthen the climate community locally, build a climate narrative and drive solutions that will ensure both the natural world and people thrive.
 The announcement comes amid an increased conversation on climate change, with the 50th session of the World Economic Forum in Davos generating the maximum flutter, which has also seen US President Donald Trump calling the greens "prophets of doom".
 "Our collective leadership through the ICC will indicate to the world that Indian philanthropy is ready to be a leader in climate action," Tata Trusts Chairman Ratan Tata said in a statement.
 The ICC seeks to build a collaborative platform for diverse voices, innovative solutions, and collective investments, the statement said, without quantifying the money which the corporates are pooling together for the platform.
 Vidya Shah of financial services firm Edelweiss' corporate social arm, Rohini Nilekani of Infosys' CSR arm and banker Harmendra Kothari are among the other names in the 40-member collective.
 "It is clear that the world cannot continue to pursue a business-as-usual approach and nobody can solve the problem on their own. Business, government, and philanthropy must collaborate within and among themselves to drive results quickly and at scale," Mahindra Group Chairman Anand Mahindra was quoted as saying.
 "Together we will find solutions that will make climate action effective and impactful," he added.
 Nadir Godrej, the managing director of Godrej Indistries, said businesses can do a lot for the planet in a cost effective way.
 "We have to look at localised solutions that can solve global problems, and this will need businesses, governments, academia, and individuals to work together to identify and scale up solutions. The role of philanthropy will be to augment these efforts," he said.
 Others who have joined the initiative include Swades Foundation, Sanctuary Asia Foundation, Mongabay-India, Indian Development Review (IDR), People's Archive for Rural India (PARI), Climate Collective Foundation, SELCO, and the Foundation for Ecological Security (FES).
 Shloka Nath, who leads the sustainability portfolio at Tata Trusts, has been appointed the Executive Director of the India Climate Collaborative, the statement added. AA ABM
ABM

Top Indian cos' CSR arms join forces to combat climate change

New Delhi, Apr 25 () The Godrej Group on Saturday urged the government to include mosquito repellents and other similar products in the essential items list during the ongoing lockdown. As a trend, malaria and dengue spike during May running up to August and preparation for the malaria season starts from April, it said in a statement. The group's FMCG arm Godrej Consumer Product Ltd (GCPL) is a major player in the segment with brands like GoodKnight and Hit. As per the National Vector Borne Disease Control Programme, India witnessed 3,34,693 malaria cases in 2019 and 19,980 cases were already reported up to February this year. Presently, the government and healthcare infrastructure are heavily invested to deal with COVID-19, but India cannot be unprepared for malaria and dengue, it said. During the current nationwide lockdown, only essential products are allowed to be sold. "...mosquito repellents, personal repellents, liquid vapourisers, must be brought under the purview of 'essential goods'. This will ensure an uninterrupted supply of household insecticide products and will be easily accessible for families till the lockdown is lifted completely," it added. In March, the World Health Organization (WHO) also issued an advisory urging countries to ensure the continuity of malaria services in the context of the COVID-19 pandemic, the statement said "COVID-19 has caused high levels of panic. While we do our best to deal with this pandemic, we should not forget the looming threat of malaria and dengue. "Indian households primarily depend on mosquito repellents, vapourisers, coils to safeguard themselves. These household insecticides should be included in the items that fall under the essentials category," GCPL CEO - India &amp; SAARC, Sunil Kataria said. KRH ABMABM

Lockdown: Godrej Group urges govt to include mosquito repellents in essential items list

<ul><li>With their sales being hit, the Indian business community which has so far been an active supporter of the Indian government, has been raising its voices.</li><li><keyword id="6359432" type="UNKNOWN" weightage="20" keywordseo="britannia">Britannia</keyword>’s MD Varun Berry said there is some serious issue in the economy.</li><li>He’s not alone, leaders from the auto industry have raised their concerns as the segment is witnessing its worst sales slowdown.</li></ul>Questions are being raised by top Indian businessmen about the economic health of the country. The latest one to cry foul is fast moving consumer goods company Britannia. In the <a href="https://www.dnaindia.com/business/report-consumers-thinking-twice-before-buying-a-rs-5-pack-britannia-2781047">latest earnings call</a> of Britannia, the company’s MD Varun Berry raised some serious concerns about the <keyword id="6356076" type="DEFINITION" weightage="20" keywordseo="indian-economy">Indian economy</keyword>. "We've grown only 6% and the market is growing slower than that. And that's a little bit of a worry, because even for a ₹5 product if the consumer is thinking twice before buying it, then there is some serious issue in the economy,” he said. This comes in even though Britannia holds one-third of market share in the Indian biscuit industry. With their sales hit, the Indian business community which has so far been an active supporter of the Indian government, has been raising its voices. India’s GDP has slumped to 6.8% in FY19, whereas <a href="https://www.businesstoday.in/current/economy-politics/india-economy-9-per-cent-gdp-growth-pm-modi-5-trillion-dollar-economy-target-ey/story/370433.html">analysts </a>say that for India to reach its dream of being a $5 trillion economy, the country’s GDP needs to grow steadily at 9%. The industry that has been worst hit has the auto industry which has seen a massive slowdown in sales has seen. Auto industry leaders like Pawan Munjal of HeroCorp, RC Bhargava of Maruti, Anand Mahindra of Mahindra &amp; Mahindra, have all been rallying for reduction of GST to boost growth in sales. Rahul Bajaj, the chairman of Indian conglomerate Bajaj Group. During his company’s Annual General Meeting, he spoke of the government’s role in the weak sales of the auto industry. “There is no demand and no private investment, so where will growth come from? It doesn’t fall from the heavens. The auto industry is going through a very difficult period. Cars, commercial vehicles and two-wheelers are going through a rough patch,” Bajaj added. Earlier, Adi Godrej, chairman of the Godrej group, too <a href="https://www.firstpost.com/business/industry-leaders-reaction-on-budget-2019-adi-godrej-says-budget-is-not-growth-oriented-stock-market-comes-down-considerably-6940161.html">said</a> that the Budget presented by Finance Minister Nirmala Sitharaman is not “growth-oriented”. <a href="https://www.ndtv.com/india-news/adi-godrej-rising-intolerance-hate-crimes-can-seriously-damage-growth-2068996">Godrej also touched upon a sensitive subject </a>saying that rising intolerance in the country is also affecting growth. However, there are also some who believe this is just a phase. HDFC Chairman <a href="https://www.businesstoday.in/current/economy-politics/indias-economic-slowdown-driven-by-lower-consumption-temporary-in-nature-says-hdfcs-deepak-parekh/story/370229.html">Deepak Parekh</a> in the recent annual general meeting of the bank said, “While there has been an across-the-board slowdown in consumption, given the inherent demand and low penetration levels, I believe this is temporary in nature.”

You Searched For "godrej investment" and got 13 results

Godrej Group arm to invest ₹100 crore to acquire material handling equipment to be rented out

PTI

Godrej beats slowdown blues to invest ₹700 cr and expand its appliance production

PTI

Temasek investment arm sells Godrej Agrovet shares worth Rs 204 cr

PTI

A 122-year old Indian business family has hired bankers and lawyers to split the land of their fathers

Katya Naidu

R K Studios will be turned into a luxury housing project, says Godrej Properties

PTI

See why Godrej's internship program is a great option for college students

Tanya Dubey

Godrej Industries Q3 net at Rs 216.32 cr

PTI

Godrej Properties acquires 18 land parcels in FY23 to build new projects with Rs 32,000-cr sales potential

PTI

Godrej Consumer sees 2020 as 'second beginning' for co

PTI

Jeff Bezos meets industry captains, concludes 3-day India visit

PTI

Top Indian cos' CSR arms join forces to combat climate change

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