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Daikin to Set up AC Manufacturing Base in India
May 14, 2003
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Daikin, said to be Japan's number one air-conditioning company, has planned to set up a manufacturing base in India and make it an export hub for South Asian and Middle-East markets, officials of the company's Indian joint venture have said.

Takao Nakamoto, managing director of the Indian JV company, Daikin Shriram Air Conditioning Pvt. Ltd., said an investment of Rs 300-350 million (U.S. $6.4 million) envisaged for the India base, likely to be located at Gurgaon or Noida (near Delhi).

The U.S. $4.7 billion Daikin holds 80 percent stake in the JV with the remaining 20 percent held by the Siddarth Shriram Group company SIEL. Daikin Shriram reported a turnover of Rs 1.01 billion ($23.3 million) for 2002-03. (Asia Pulse)

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