The locks division of Godrej & Boyce Manufacturing Company (GBMC) has firmed up a three pronged strategy to achieve a 40 per cent to 50 percent annual growth in turnover over the next three years.

Kartik Modi, head-marketing and sales, locks division, GBMC, said," The company, for the first time, will be getting in to the low price segment. Moreover, the company will be progressing rapidly in the high end products segment while consolidating its existing portfolio."

The company registered a turnover of Rs. 105 crore during 2004-05. It would be targeting Rs.150 crore turnover this year, followed by a similar rate of annual growth for the next three years, he noted.

GBMC would be making an investment of Rs.10 crore over the next three years towards achieving its targets.

The company has launched its third brand Shakti, after its more popular brands Godrej and Ultra, in its 100 years of existence.

"The company is foraying in to the lower segment of the locks market with its new brand, Shakti. We will be sourcing the product from both domestic and Chinese manufacturers. We are looking at sales of Rs.10crore in its first months of operation," said Modi.

The company will simultaneously progress on its high end products. "We will be upgrading our Ultra brand. The pricing mechanism is yet to be finalised." he added.

The locks market was estimated to be Rs.1,500-2,000 crore, out of which the organised market size was Rs.300 crore. The company recently signed a memorandum of understanding (MoU) with Austria-based manufacturer of master key systems Evva.

"Within the next three months GBMC will start manufacturing high-end locks using Evva's technology. The products will be sold both in the domestic market as well as in the Austrian market," said Modi.

The company Plans to launch around 50 new products in the furniture lock segment, he added.

The company is revamping its products in the mortises segment in terms of technology, functionally aesthetics and finish.

The company was set to become a solution provider from merely selling locks he noted. The company recently started marketing 'door accessories' to provide a complete solution