(MENAFN - Khaleej Times) Godrej Locking Solutions and Systems, or Godrej Locks, a unit of Godrej & Boyce, is set to expand its business in the Middle East via partnerships or joint ventures.
Godrej Locks is India's leading player in locking solutions and has delivered security solutions to countries across the globe.
Shyam Motwani, executive vice-president and business head, said: "Our company's products are increasingly making their mark in over 25 international markets in Middle East, Africa, and South Asia. Using its modern offerings, the company plans to increase its overseas share and revenues to 15 per cent. We expect our targeted growth in the Mena region to reach 60 per cent by 2013."
Godrej Locks is expected to triple its business in the UAE by 2015. In a bid to strengthen its footprint and expand distribution in the region, the company has appointed Shama Traders and Sabano Trading to promote its innovative and high-performance hardware products.
The partnership is expected to give Godrej Locks access to over 300 plus retailers across the country. The company's turnover is aimed to reach 10 million in the next five years, while the estimated turnover in the UAE is estimated to touch 500,000 in 2013.
"The UAE offers immense potential and in our maiden presence in The Big 5 exhibition, the company was keen to send message across to the consumers of the spectrum of products and for project based businesses for possible tie-ups in reaching out to maximum masses. So far, almost 200 people have walked to our stall and we are happy with the response as we have received serious 100 queries for our business," added Motwani.
Godrej Locks over the six years have made entry into seven markets in the Middle East. The company has presence in B2C and B2B channels and also caters to institution customers in the verticals of post, oil and electric utilities. Godrej Locks have plans to introduce seven new products in the UAE market in the coming months in the household and industrial ranges of locking solutions. The firm is targeting retail as well as the project based business for distribution as well as redistribution in the region.
Godrej Locks is expanding in Saudi Arabia, Bahrain, Qatar, Oman, Kuwait, Morocco and is close to ventures in new markets like Tunisia, Yemen and Egypt.