Key Points
Daikin Industries Ltd., the worlds largest manufacturer of air conditioners, is looking to expand in India as it responds to consumer demand for whats become a necessity as temperatures soar...
The Japanese company has signed a memorandum of understanding to acquire an additional 33 acres (13.4 hectares) to build a new plant near its current factory in southern India, chief executive officer of Daikins India operations Kanwal Jeet Jawa said from the companys Osaka headquarters last week...
About 93% people in India still dont own air conditioners and thats the future market for us, he said.. Temperatures across India have tested record levels this year, posing health risks, hurting agriculture and potentially weakening economic activity..
Jawa said he is quite bullish about adding to the companys three plants in India where the residential air-conditioning market is expected to increase approximately three-fold to around 30 million units by 2030..
Since its first air conditioner rolled off an Indian production line in 2009, Daikin has grown to dominate the countrys combined market for commercial and residential air-conditioners..
