![]() Federal Reserve signalled a pause in its rate-hike cycle. (This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.MUMBAI, May 4 (Reuters) - The Indian rupee is expected to open higher on Thursday, tracking a decline in the dollar against Asian currencies after the U.S. ''Our growth is not in manufacturing but also in other areas of innovations,'' he said.ĭaikin India has three manufacturing facilities, 15 sales offices and 5 mother warehouses here. ''Before the end of this year we will start commercial production also,'' he said, adding, ''we will start manufacturing first compressors and then air conditioners.'' With this Daikin's capacity for room airconditioners would increase to 2.5 units and 6 million units of compressors, he added.īesides, Daikin India is also investing in R&D, AI & IoT and skilling through Daikin Japanese Institute of Manufacturing Excellence. It is setting up its third unit in India at Sri City, Andhra Pradesh where it would manufacture air-conditioners and crucial components such as compressors. With the current macroeconomic condition, and the growth of the industry with the help of the government, a ''big growth'' is expected.ĭaikin is the largest investor under the government's Production Linked Incentive (PLI) Scheme for the promotion of domestic manufacturing of air conditioners. He expects ''10 times growth in the next 10 years time'' for the Indian AC industry. ![]() Component manufacturing has started in India in a big way,'' said Jawa. ''Now India is at the explosion stage and the roadmap of the entire AC industry is quite bullish. Jawa expects good growth in the cooling space from all segments - residential to commercial and projects business - as the penetration level is very low. ![]() We are aiming to cross USD 2 billion in the next three years.'' Daikin India grew almost 140 per cent over the last fiscal, he added. ''In last 13 years, from Rs 292 crore, we have become a Rs 8,860 crore company,'' said Jawa, adding, ''we see a good future for our India business. '' he said, adding, ''we are now aligning our growth strategy with our global strategy.'' Presently, Daikin India gets 70 per cent of its revenue from residential (room AC), 20 per cent from VRV (variable refrigerant volume AC systems) used for large offices, and the rest 10 per cent from commercial businesses such as projects etc. We may be small but the kind of expansion plan which we have. ''I would say India is a future treasure for Daikin. Over Daikin India's contribution to the parent global company, Jawa said it is still very small and still in the single digits. We have expansion plans here to make India a manufacturing hub for Daikin for Middle East and Africa markets,'' said Jawa. ''We are looking at India in the long term. Now we have top shares in every segment which we operate - VRV, chillers and room air conditioners.'' The company, a wholly-owned subsidiary of Japan's Daikin Industries, a leading global manufacturer of commercial and residential air conditioning systems, has so far invested Rs 2,300 crore in India. When asked about this Jawa said: ''Yes, we are a billion-dollar company now. The company is looking at India business as its ''future treasure'' and expects it to double to USD 2 billion (around Rs 16,350 crore) in the next three years, Jawa told PTI.ĭaikin India is now the second company operating in the cooling space to cross the USD 1 billion-milestone after the Tata group firm Voltas, which had reported a total income of Rs 9,667 crore for FY23. PTI | Delhi | Updated: 07-05-2023 13:02 IST | Created: 07-05-2023 12:58 IST Representative imageĪirconditioner maker Daikin Airconditioning India expects to become a USD 2-billion company in the next three years, having crossed the milestone of USD 1 billion in FY23, said Chairman and Managing Director Kanwaljeet Jawa.ĭaikin India has a turnover of Rs 8,860 crore for the financial year ended on March 31, 2023.
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