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)