Denmark-based heating, ventilation and air-conditioning (HVAC) major Danfoss is aiming a turnover Rs 2,000 crore from its India operations over the next two years. The Danish HVAC clocked a turnover of Rs 1400 crore in 2018.
The company, which has three plants in the country, currently meets 30 percent of demand from local manufacturing and the company has set a target to more than double this and take this to 70 percent.
The company is also planning to increase the supplier base in the coming years. Danfoss, which has been in India since the past 20 years, has three facilities in the country with the largest based in Chennai, where it also has four R&D labs. The company will be making more India-centric products, using its R&D facilities in the country.
Apart from its four business segments, viz., power solutions, cooling, drives and heating, Danfoss also supplies components, systems for original equipment manufacturers as well.
The company is also investing significantly in digitalization as it sees lots of demand coming in from the various smart cities projects which will require energy efficient technologies. The company is also keen on acquiring startups in the fields of energy monitoring, automation, product traceability, supply-chain and food retail.