The plant near Bengaluru will make HVAC equipment and will likely increase staff strength from 300 to 600 in five years.
Bengaluru-headquartered Climaveneta Climate Technologies – a Group company of Japanese multinational Mitsubishi Electric – is pumping ₹400 crore into its state-of-the-art plant at Narsapura in Kolar district, its CEO Anil Dev said on Thursday.
We are investing ₹400 crore at our Narsapura plant and booking over ₹500 crore, as we target to double the annual order intake in the next five years,” Dev said.
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The plant will manufacture central air-conditioning equipment such as Screw Chillers, Magnetic Levitation Technology Chillers, Scroll Chillers, Conventional Centrifugal Chillers, High Precision AC units, and Heat Pumps for HVAC application,” he said at a press conference.
According to him, CCT currently serves major clients all over India, including multinational hotel chains, healthcare establishments, malls, multiplexes, commercial projects of leading developers, and corporate groups. Presently, the company has a workforce of 300, which will double in the next five years, Dev said.
It will mark the entry of Mitsubishi into the car sale market in India this year with a 30 percent in TVS Mobility operating a chain of dealerships across the country. This will see TVS Mobility spin off its car sales business and Mitsubishi taking a stake of over 30 per cent in the new entity.
Nikkei Asia added that the investment is expected to be between 5 billion and 10 billion yen ($33 million and $66 million), but this deal is still subject to regulatory approvals. It reported Mitsubishi will send its employees to the dealership once the investment is finalized.
