India’s Godrej Group has said that it will sharpen its focus on the company’s confectionery and beverages units, withdrawing from the tea and edible oils markets.
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“We intend to drive growth at our Godrej Beverages and Foods unit… Here we have seen good growth and we will continue to drive expansion,” a spokesperson for Gordej confirmed today (21 August).
Godrej Beverages and Food operates the Nutrine confectionery brand. The company also recently established Godrej Hersheys, a confectionery joint venture with US confectionery giant Hershey
In contrast, Gordej said that its tea and oils units had a “low” growth rate of 5-10%.
Speaking to the Economic Times, managing director A Mahendran said that the company would “exit” the tea and edible oils businesses because they are “pulling down our overall growth rate”.
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By GlobalDataThe spokesperson declined to comment on whether Godrej intends to sell the businesses outright.
Indian reports have suggested that the group could seek strategic partners to form a joint venture to operate the units.
