Godrej Locking Solutions cut prices
Godrej Locking Solutions and Systems, a manufacturer of locking devices, has reduced the prices of its products after the recent announcement of cut in GST rates.
In the recent GST council meeting, the Council recommended major relief in GST rates from 28% to 18% on certain goods and services. The company has announced a price reduction on certain products like mortise handles, door controls, furniture fittings, and kitchen fittings. These products were earlier in the 28% GST bracket. This is the second time that it has cut the prices.
Shyam Motwani, executive VP & head of business, Godrej Locking Solutions and Systems said, “With the second downward price revision due to GST, we believe the demand for branded hardware and locking solutions will receive a boost as consumers will find owning a trusted brand more affordable than before.”
Locking solutions market is a highly unorganized one, with organized players accounting for only 21% of the pie. The hardware market is estimated at Rs 9000 crore whereas the locks market is at Rs 4000 crore.