Thermax Ltd., a leading energy and environment solutions provider, is mulling doubling its production capacity at Sri City, Andhra Pradesh over the next three years, said a top official.
“Currently, we have an installed capacity to produce 400 machines at Sri City, Andhra Pradesh,” said M.S. Unnikrishnan, managing director and chief executive officer, Thermax.
“We propose to double it to 800 machines over the next three years. The second phase entails an investment of ₹100 crore.”
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Announcing the commencement of operations at Sri City, he said it is the ninth manufacturing plant of Thermax in India.
In the first phase, the firm had invested close to ₹166 crore. It had started manufacturing a wide range of vapour absorption machines comprising chillers, heat pumps and heaters.
“The trial run was on since November 2018 and we began commercial operations today. So far, our plants in Pune and China were catering to the needs of Indian market. With the commencement of Sri City plant, we will stop procuring machines from China,” he said.
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During the current fiscal the new plant would produce about 350 machines, of which about two-thirds would be exported to about 80 countries.
Mentioning that it has 85% market share, Mr. Unnikrishnan said they had an order book of ₹150 crore.
Last year, the company clocked a revenue of ₹4,500 crore and this year it hopes to achieve ₹5,800 crore, he said.