Consumer products major Godrej would invest more than Rs 40 crore (Rs 400 million) in the next 12 months in business process outsourcing as part of a major step towards diversification, a top company official said on Wednesday.

Amid signs of strong economic growth, Godrej would increase its topline by 10-15 per cent to Rs 4,500 crore (Rs 45 billion) this fiscal, Adi Godrej, chairman, Godrej group, told PTI in New Delhi.

Also Read Outsourcing and India

"We have earmarked more than Rs 40 crore for investment in our recent foray into the BPO business," he said.

The consumer products behemoth has entered the BPO arena quite recently and has already invested close to Rs 20 crore (Rs 200 million) in the venture.

"We identified the booming BPO business as a major area of growth," Godrej said.

Listing out the areas under its BPO business, he said the company was catering to the tour and travel industry, medical transcription and accounting firms.

The fast moving consumer goods industry would "definitely" turnaround this year. The growth in the sector would be pretty visible from the third quarter of this fiscal, Godrej said.

The growth in FMCG category would come from both urban and rural markets, he said, adding that "the fundamentals of the economy are strong and the growth rate is going to be 7-8 per cent."