Chennai, (IANS) : Danish heating, ventilation and air conditioning (HVAC) major Danfoss, targeting 15-18 per cent growth in India this year, is in the process of consolidating its manufacturing presence by shifting its Bengaluru operations here, a top official of the Indian subsidiary said on Wednesday.
The subsidiary is also increasing its shipments out of India and reducing imports.
“The demand for our products is picking up. We are looking at a growth of 15-18 per cent this year as compared to last year. Last year we logged a domestic turnover of around $155 million,” Ravichandran Purushothaman, president, Danfoss India told IANS.
The growth is from varied sectors like food and beverage, pharmaceuticals, elevators, steel and others.
He said the Indian market is very close to become one of the top ten markets for the euro 5.1 billion turnover Danfoss group.
On the company’s Make in India plans, Purushothaman said while imports of values used in cold chains have been cut with the start of domestic production, the Indian plant has also added more products to be shipped out for the parent company’s global markets.
“We have developed a condensing unit used in dairies which reduces power consumption by 20 per cent. The product is being exported to diffent countries,” Purushothaman said.
According to him, exports-components and products- are growing at around 30 per cent and last year the company shipped out good worth around Rs.400 crore.
On the shifting of operations from Bengaluru to Chennai, he said Danfoss had acquired a Finnish company Vacon which had its Indian plant in Bengaluru.
Purushothaman said the production Vacon drives are being shifted here alongwith people.
Danfoss is also looking at district cooling systems which would cut power consumption in a major way and also the bring down the investment in the power distribution infrastructure, he said.
District cooling is a system of centralised production and distribution of coolin energy. It is a system of distribution of chilled water through pipes to buildings for cooling purposes.