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Denmark-headquartered Danfoss has invested 15 million euros (over Rs 118 crore) to set up a facility in Pune for manufacturing mobile hydraulics for the construction, agriculture and other off-highway vehicle markets.
The company's Indian subsidiary Danfoss Power Solutions will be manufacturing products like electronic controls, pumps and valves, motors, sensors and transmitters, among others in this facility.
"We have invested around 15 million euros so far for this facility. This is for the first time we are manufacturing these products here for Indian customers as per their needs," a senior company official said.
The company aims to invest on increasing its product offerings in India within the next 24 months and remains firm on its mission to ensure a minimum of 50 per cent localisation level for sourcing and manufacturing in their future product lines as well, the official said.
"Over the last 5 years, Power Solutions business has seen a strong double digit CAGR growth with strong potential for further growth in India owing to the nation's rising demand for infrastructure development, electrification, urbanisation, efficiency in agriculture," Danfoss India Region President Ravichandran Purushothaman said.
With its focus on the Indian market, the company has a 3:1 ratio on products manufactured for India as compared to exports to several core global markets, he added.
