“The home finance business is in a rapid growth mode and we will continue to invest into it until it is ready for an IPO or other kinds of external finance,” says Nadir Godrej, Chairman, Godrej Industries.
What change are you bringing in your African business?
We are trying to have tighter centralised control of the African business. We have a new CFO in the African business and there were disparate businesses which we had acquired at different times and we are trying to have them all collaborate and extend the brand, give the same brand message in every country rather than run it very independently that is the change we are bringing.
And what are your plans on the financial business? Are you planning to grow your home finance portfolio?
The company is in a rapid growth mode and we will continue the process and we will continue to invest into it until it is ready for an IPO or other kinds of external finance.
How soon are you looking for an IPO?
Would probably be a two- to three-year timeframe.
Also a couple of days back, Indonesia extended the waiver on export levy until October 31st. Now is one of the biggest palm oil producers in India. What impact do you see on the prices of palm oil because of this move?
Palm oil prices seem to have more or less reached a bottom. They shot up after the start of the Ukraine-Russian war and then they have gradually fallen down. Both palm kernel oil and palm oil have fallen considerably but they are still higher than earlier and this is going to be a big fillip for the Indian palm oil industry. The government’s initiatives in promoting palm oil are excellent and that will help us grow. We are planning to expand considerably in the north-east.
What are your plans in terms of output? You had signed three MOUs with some north-eastern states very recently. What are Godrej Agrovet’s plans for expanding in the north east?
We will be expanding in the north-eastern states and overall we plan to add 10,000 to 15,000 hectares a year for the next few years.
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