Ingersoll Rand, on Wednesday, said it would set up a new manufacturing plant in Chennai with an investment of $22 million. Besides, the industrial solutions provider announced its entry into the domestic consumer durables market by introducing high-end split air-conditioners and electronic door-locking systems for the residential sector.
“We are investing $22 million in the first phase to set up the Chennai plant that will become operational by early next year. This amount is part of the $100 million investment plan, which was announced three years ago,” Ingersoll Rand Chairman, President and CEO Michael W Lamach, told journalists here.
This would be the Irish firm's third facility in India, the other two being at Naroda (Gujarat) and Sahibabad (Uttar Pradesh). It also has two engineering and technology centres in Bangalore and Chennai.
Stating that the new plant would roll out multiple products, Mr. Lamach said: “The $100-million investment plan was spread over five years to roll out new range of products and to increase the localisation.”
On India operations, which were growing at around 15-20 per cent every year, he said: “India contributed about $250 million to our total global revenue of over $14 billion. With the current rate of growth, we expect the Indian market to become the fourth largest for us by overtaking the Latin American market in the next 3-4 years.” At present, the U.S., Europe and China were top three markets for the firm.
Ingersoll Rand has also launched Trane residential solutions in India that include mini split ACs and electronic locks.
“The products are inter-connected and can interact with each other through a new generation wireless technology. We will launch the products in the next two months. We will source the products initially from China. However, depending on the volume, we will consider assembling these in India,” said Ingersoll Rand International (India) Vice-President Sameer Nagpal.
