Mumbai, May 30 (PTI) Godrej & Boyce on Tuesday said it will be investing Rs 100 crore over the next three years to acquire material handling equipment.

Demand for renting the equipment is high and the capital investments will be by Godrej Rentrust eyeing a share of the same, a statement said.

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Pegging the overall market at Rs 2,200 crore, the company said it is eyeing business in the auto, engineering, chemicals and pharma, food and beverages, fast-moving consumer goods, logistics, ecommerce and retail sectors.

In the January-March period, it received 100 orders from companies for deploying equipment, the statement said.

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Renting equipment has become a preferred option for businesses seeking managed services and bypassing high upfront costs, the company said, adding that it has grown at over 20 per cent per annum over the last five years.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)