Chennai, Sep 18 - The $2.5-billion diversified industrial group Godrej, which has plans to double its turnover in three years, is looking at acquiring fast moving consumer goods (FMCG) brands.

'Our objective is to achieve 25 percent yearly growth of which around 10 percent will be from acquisitions and the balance organic,' group chairman Adi Godrej said here Friday.

'We are looking at acquisitions in haircare/hair colouring segments in developing markets like Brazil, Egypt and others as the potential is large.'

In the domestic FMCG market, he said, Godrej's strategy would be to 'acquire an existing brand and build it rather than growing a brand, fighting against the established players'.

The group has formed an FMCG portfolio cell to look after mergers and acquisitions.

Meanwhile the group is getting more active in the real estate space through Godrej Properties Ltd, which is expected to hit the market with an initial public offering (IPO) soon.