Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
post

Daikin India eyes USD 1 billion turnover in two years

- Advertisement -

Air conditioner maker Daikin India is aiming to be a USD one billion (Rs 6,500 crore) brand in India in next two years, led by high double digit growth in domestic markets, addition of new products and increase in exports, said the top company official.

Image for representational purpose only

Besides, Daikin is planning to have another plant in South India in the next four years to catch up the growing AC market. It will invest around Rs 600 crore in the plant.

In November 2017, Daikin commenced operations at the second factory in Neemrana, Rajasthan, in which the company has invested around Rs 750 crore.

- Advertisement -

“We would be a billion dollar company by 2019-20. To achieve it, we will grow at the rate of 20-22 per cent,” Daikin India Managing Director & CEO Kanwal Jeet Jawa told PTI.

The company has a turnover of Rs 3,250 crore in 2016- 17 and expects to cross Rs 4,000 crore in the current fiscal, as it has witnessed around 20 per cent value growth in the last three quarters.

According to him, Daikin’s growth would be coupled with exports, diversification and new business streams. Commercial refrigeration will further contribute to the growth.

The company is aiming to sell more than 10 lakh units of AC in 2019 and become a leader in the Indian HVAC (heating, ventilation, and air conditioning) segment.

“The growth areas will continue to be tier II & III cities. Indian’s AC sales which stood at 4 million units in 2015-16 are expected to rise to 7 million by 2019-20,” the company said.

Presently, up to 70 per cent sales of Daikin Air Conditioning India, a 100 per cent subsidiary of Japan-based Daikin Industries, come from room ACs and rest from VRV and chiller segments.

It has the capacity to manufacture 15 lakh room ACs, 50,000 VRV units, 1 lakh cassette units, 20,000 ductable units and 1,000 chillers.

“This capacity would serve us till next 3-4 years only. We would have to make our next plant in South operational by 2022,” he said adding the company will soon decide on the location for the plant.

Daikin yesterday launched the latest version of its VRV (variant refrigerant volume) – VRV X- targeting big homes and flats. VRV is normally used in offices and commercial places for cooling.

Besides Indian market, Daikin is also looking to boost exports, although its first priority would be to cater the domestic segment.

“We have started exports to Sri Lanka, Bangladesh, Nepal and South Africa. Now, we have additional production capacity, so we would scout for more markets,” Jawa added.

Exports contribute less than five per cent in Daikin India’s total sales but the company expects it to go up in the coming years.

The company has invested over Rs 2,000 crore so far in its Indian operations.

- Advertisement -

Most Popular Articles

Greaves Cotton Targets ₹15,000 Crore Revenue By 2030

0
Chairman Karan Thapar emphasised Greaves' evolution into a complete mobility solutions provider featuring a strong, varied growth model. Greaves Cotton Ltd. (GCL) has evolved from...

TSMC Grows EUV Share To 56%, Outpaces Rivals

0
Powering ahead, TSMC is dominating EUV market with 56% share reportedly. While it solidifies its lead in semiconductor technology, Samsung Foundry looks to compete...

Bangladesh Unlocking Its $1B Semiconductor Export Potential?

0
Speaking on workforce development, policy support, and global partnerships at a US meeting, the Bangladesh Semiconductor Industry Association has ambitious goals. The Bangladesh Semiconductor...

Vajram Electric Aims To Expand Manufacturing And Global Presence

0
Vajram Electric Ltd is securing financing to enhance its manufacturing plant, increase production, and establish itself as a major supplier of international electric vehicle...

India, Kazakhstan Forge Stronger Ties In Electronics

0
Eyeing tech partnerships and new opportunities, India-Kazakhstan business ties soar at the AIFC conference. Can this be a gateway for Indian electronics firms into...
Raman M., Co-Founder and CEO, chargeMOD

“Our Goal Is To Achieve Complete Sustainability By 2025-2026” – Raman M. Of chargeMOD

0
In a conversation with Nitisha Dubey from EFY, Raman M. of chargeMOD, elaborated his goal of developing virtual power plants by decentralising power production. Q....

“Adoption Of IoT-Enabled SMT Machines Is Still In Early Phases” – Pradeep Tandon, Director...

0
While electronics are becoming smarter through the Internet of Things, is electronics manufacturing following suit? Pradeep Tandon, Director for India, Middle East, and SAARC...
Dr Yashodhan P. Gokhale, Vice President for Battery Technology, JSW Energy

Charge Forward: High-Voltage Batteries And MSMEs Can Fuel India’s EV Revolution

0
A nuanced explanation of low- and high-voltage EV batteries by Dr Gokhale, Vice President for Battery Technology at JSW Energy, illuminates their advancements and...
Sanjay Gupta, CDO & Global Head of Engineering, L&T Semiconductor Technologies

Can MSMEs Contribute And Profit From The Semicon Boom?

0
Semiconductor manufacturing often requires significant investment, typically feasible only for governments or large corporations. But are there opportunities for MSMEs as well? We spoke...
N.P. Ramesh, COO and Co-Founder, Orb Energy

“We Ensured Customers’ Monthly EMI Would Be Equal To Or Less Than Their Electricity...

0
In a conversation with Nitisha from EFY, N.P. Ramesh of Orb Energy outlines the early financing challenges customers faced. He explains how Orb Energy’s...

Wireless Light-Based Communication With Velmenni’s Technology

0
Velmenni is at the forefront of wireless communication innovation with its pioneering light-based technologies, Li-Fi and LC Link. Founded by Deepak Solanki in October 2014...

Harnessing AI Technology For Efficient Pest Management

0
AI-Genix, an agri-tech startup, is transforming pest management for farmers through advanced AI-enabled systems that precisely target harmful pests. In an industry where pesticides and...

One Charger To Charge All Your Devices

0
Now, there is no need to carry different chargers for different products. This Bhubaneswar startup has launched a universal 65W charger using GaN technology...

Karnataka Government Initiative Promises ₹5M To Tech Startups

0
Boosting innovation and entrepreneurship across the state’s vibrant ecosystem, Karnataka launched Elevate 2024 and KAN, offering grants up to ₹5 million for startups. On Tuesday,...

CastNX Tech Startup Secures ₹232M For Power Electronics Growth

0
Eyeing to boost R&D and produce 100,000 variable frequency drives by 2026, Indian power electronics startup CastNX has secured ₹232.2 million from Plutus Investments. CastNX...

Industry's Buzz

Greaves Cotton Targets ₹15,000 Crore Revenue By 2030

0
Chairman Karan Thapar emphasised Greaves' evolution into a complete mobility solutions provider featuring a strong, varied growth model. Greaves Cotton Ltd. (GCL) has evolved from...

TSMC Grows EUV Share To 56%, Outpaces Rivals

0
Powering ahead, TSMC is dominating EUV market with 56% share reportedly. While it solidifies its lead in semiconductor technology, Samsung Foundry looks to compete...

Bangladesh Unlocking Its $1B Semiconductor Export Potential?

0
Speaking on workforce development, policy support, and global partnerships at a US meeting, the Bangladesh Semiconductor Industry Association has ambitious goals. The Bangladesh Semiconductor...

Vajram Electric Aims To Expand Manufacturing And Global Presence

0
Vajram Electric Ltd is securing financing to enhance its manufacturing plant, increase production, and establish itself as a major supplier of international electric vehicle...

India, Kazakhstan Forge Stronger Ties In Electronics

0
Eyeing tech partnerships and new opportunities, India-Kazakhstan business ties soar at the AIFC conference. Can this be a gateway for Indian electronics firms into...

Learn From Leaders

Raman M., Co-Founder and CEO, chargeMOD

“Our Goal Is To Achieve Complete Sustainability By 2025-2026” – Raman M. Of chargeMOD

0
In a conversation with Nitisha Dubey from EFY, Raman M. of chargeMOD, elaborated his goal of developing virtual power plants by decentralising power production. Q....

“Adoption Of IoT-Enabled SMT Machines Is Still In Early Phases” – Pradeep Tandon, Director...

0
While electronics are becoming smarter through the Internet of Things, is electronics manufacturing following suit? Pradeep Tandon, Director for India, Middle East, and SAARC...
Dr Yashodhan P. Gokhale, Vice President for Battery Technology, JSW Energy

Charge Forward: High-Voltage Batteries And MSMEs Can Fuel India’s EV Revolution

0
A nuanced explanation of low- and high-voltage EV batteries by Dr Gokhale, Vice President for Battery Technology at JSW Energy, illuminates their advancements and...
Sanjay Gupta, CDO & Global Head of Engineering, L&T Semiconductor Technologies

Can MSMEs Contribute And Profit From The Semicon Boom?

0
Semiconductor manufacturing often requires significant investment, typically feasible only for governments or large corporations. But are there opportunities for MSMEs as well? We spoke...
N.P. Ramesh, COO and Co-Founder, Orb Energy

“We Ensured Customers’ Monthly EMI Would Be Equal To Or Less Than Their Electricity...

0
In a conversation with Nitisha from EFY, N.P. Ramesh of Orb Energy outlines the early financing challenges customers faced. He explains how Orb Energy’s...

Startups

Wireless Light-Based Communication With Velmenni’s Technology

0
Velmenni is at the forefront of wireless communication innovation with its pioneering light-based technologies, Li-Fi and LC Link. Founded by Deepak Solanki in October 2014...

Harnessing AI Technology For Efficient Pest Management

0
AI-Genix, an agri-tech startup, is transforming pest management for farmers through advanced AI-enabled systems that precisely target harmful pests. In an industry where pesticides and...

One Charger To Charge All Your Devices

0
Now, there is no need to carry different chargers for different products. This Bhubaneswar startup has launched a universal 65W charger using GaN technology...

Karnataka Government Initiative Promises ₹5M To Tech Startups

0
Boosting innovation and entrepreneurship across the state’s vibrant ecosystem, Karnataka launched Elevate 2024 and KAN, offering grants up to ₹5 million for startups. On Tuesday,...

CastNX Tech Startup Secures ₹232M For Power Electronics Growth

0
Eyeing to boost R&D and produce 100,000 variable frequency drives by 2026, Indian power electronics startup CastNX has secured ₹232.2 million from Plutus Investments. CastNX...