US-based Lennox International Inc, which is into heating, ventilation, air-conditioning and refrigeration, is exploring various options to have its local manufacturing and distribution operations in India. The company is also planning to double capacity of its research and development and IT operations-- Lennox India Technology Center (LITC)-- and would invest $10 million in India this year. “We are in the midst of making a determination on whether to set up operations through joint venture or we can come and set up a manufacturing facility on our own,” said Prakash Bedapudi, chief technology officer, Lennox International (LII).
However, the company did not list out a specific time line for the execution of plans. With the policies falling into place for better cold storage facilities for preservation of food and grocery, the company expects the market to grow faster in future. The refrigeration equipment market in India is pegged at $1 billion (around Rs 6,200 crore) and was growing at around 20 per cent annually. LII is selling its products in India, although without any manufacturing and distribution set up in the country. Explaining the growing opportunities, the company said the Indian government expected $ 21.9 billion investment in the food-processing infrastructure by 2015. ALSO READ: LG to target Rs 6,000 cr market in refrigeration ALSO READ: