Financial Express, Kolkata , Sept.21

The locks division of Godrej & Boyce Company signed a memorandum of understanding (MoU) with Evva, Austrian locks manufacturer, for use of their technology in the manufacture of locks for high-end use. Manufacturing is expected to start by the end of this year, said Kartik Modi, Godrej Boyce's head of marketing & sales.

The locks will have a unique key system with at least 30 billion combinations. The company is also going to introduce hi-tech locks for doors, furniture, petrol pumps and ATMs with an investment of around Rs.3 crore in the next 2-3 years.

Godrej Boyce had adopted a miniature version of the ultra locking system, which extends each key as one in 10 crore for application in all its segments, said Mr. Modi.

The company is also stressing the extension of Lock Solutions to the original equipment manufacturers (OEMs) instead of giving them a ready lock product. OEMs currently demand a high security system, in which each had its own uniqueness and the OEM is the exclusive owner of it.

Godrej Boyce will be introducing 60 new locking systems for furniture. It will launch a Shakti brand pad locks for the low price segment of the market. This will be the third brand in padlocks after Godrej and Navtal, Mr.Modi said.

However the company through a revamp in all its segments, is looking for a Rs.150-crore turnover this fiscal as against the last one's Rs. 106 crore. This is likely to bring about a 50% growth.