Jasbir Singh, Chairman and Chief Executive Officer, Amber Enterprises, noted that his company is investing approximately Rs 275 to Rs 300 crore in developing these two plants
Amber Enterprises is developing two new electronics manufacturing plants in India. A report by the Zee Business notes that these two new plants will be developed in Pune and South India. The company has recently bought shares of Sidwal Refrigeration.
Zee Biz’s report quoted Jasbir Singh saying that Amber Enterprises has setup a sales team in the Unites States. Singh explained that the export business was growing in India. The company, as per him, is witnessing major traction in the US and Middle East markets for components as well as finished goods.
Import of air conditioners with refrigerants banned in India
The government of India has completely banned the import of air conditioners with refrigerants in the country. The move seems inspired from encouraging local manufacturing of electronics in India. It is worth mentioning here that most of the ACs imported in the country, are filled with refrigerants.
In numbers, India imported a split ACs worth $469 million in FY20. ACs worth $249 million were imported from China and ACs worth $189 million were imported from Vietnam. Similarly, window ACs worth a total of $35 million were also imported during the same time. Thailand and China had accounted for $18 million and $14 million worth of these imports.
Four days after the new broke out, shares of Amber Enterprises India rallied 17 per cent to Rs 2,545 on the BSE on Monday. The company is one of the leaders in Indian Room Air Conditioner (RAC) industry. It is also present in mobile application air conditioner industry.
India air conditioners market, as per a report TechSci Research, stood at over $ 4.3 billion in 2017. It is projected to grow at a CAGR of more than 17 per cent, to surpass $11 billion by 2023.
