The US-based $6 billion Carrier Corporation, one of the leading international air-conditioner manufacturers, is seeking to enter the domestic commercial air-conditioning segment through its privately held Bangalore-based subsidiary, Carrier Transicold.
The multinational has drawn up plans to seek Foreign Investment Promotion Board approval for expanding the equity base of the company from Rs 11 crore by another about Rs 30 crore.
Carrier holds 51 per cent in Carrier Transicold, with the balance held by some overseas corporate bodies. The company currently undertakes small projects for bus-airconditioning.
The decision to enter into commercial air-conditioning follows Carrier's recent worldwide acquisition of two US companies, Tyler and Ardco.
"We are planning to invest about Rs 30 crore for setting up a greenfield manufacturing facility, which will be financed entirely through equity," said R C Sarin, chairman, Carrier Transicold, commenting on the proposed venture.
Sarin, who is also the chairman of Carrier's other subsidiary, Carrier Airon --manufacturer of room air conditioners-- was commenting on Carrier India plans after a press meet here yesterday to launch two new range of products.
These include the 'Europa' window air-conditioners, priced around Rs 30,000, and the 'Cassette' range of split air-conditioners, which will retailed at about Rs 1 lakh.
Carrier Aircon plans to increase capacity from 45,000 to 60,000 units in the room AC segment and also expand its dealer network. The company intends to target the urbanised population living in the eight major metropolitan areas.
Speaking at the conference, Stephen S Young, president and managing director, Carrier Aircon, disclosed the company had reported a net profit of Rs 12 crore on a turnover of Rs 185 crore in the first six months of the current financial year. "We propose to take the turnover to over Rs 350 crore by the end of the current fiscal," he added.
