Danfoss India targets Rs 500 cr exports in 2019
Thursday - August 15, 2019 6:36 pm , Category : BUSINESS
Chennai, Aug 15 (IANS) The Indian subsidiary of Danish company Danfoss A/S will ship out Rs 500 crore worth of products from here and is also mulling further expansion, said a top company official."This year our exports will be about Rs 500 crore up from about Rs 430 crore logged in 2018. The Indian plant is now the global centre for refrigeration control products. We are now moving into China and the USA," Ravichandran Purushothaman, President, Danfoss India told IANS.Danfoss India is a wholly-owned subsidiary of six-billion-euro Danfoss A/S.The company's business segments are classified under power solutions, cooling, drives and heating and it supplies components and systems for original equipment manufacturers.According to Purushothaman, Danfoss India will also start shipping Made-in-India drives once the formal approvals are obtained.Danfoss India recently expanded its capacity to make low voltage drives used in heating, ventilation and air conditioning (HVAC) machines."We had invested about 80 per cent of our Rs 100 crore outlay in expanding capacity and the balance will be invested in setting up labs," Purushothaman added.According to him, the next wave of investment will be in 2020."We are chalking out our plans. The board has to approve the investment plans. It also depends on the orders from our customers," he said.He said Danfoss India is bullish on marine, off-the-highway and electric vehicle segments.The company sees good opportunities in the fisheries sector where the focus will be on refrigeration."There is lot of scope to save fish wastage in post-harvest refrigeration. About 20-22 per cent loss of fish post-harvest is due to poor technology," Purushothaman said.According to him, after the implementation of Goods and Services Tax (GST), the market grew for organised players and some of Danfoss' customers saw a sudden demand growth.Danfoss India hopes to close this year with 10 per cent growth in its turnover. Last year, the company closed with a turnover of Rs 1,600 crore.