Ingersoll Rand to invest $100 million in Indian operations
26 Oct 2010
New Delhi: Diversified industrial products manufacturer Ingersoll Rand today announced plans to establish a third manufacturing facility in India.
The company presently has two local manufacturing operations in Naroda, Ahmedabad, and Sahibabad near Delhi. The new greenfield manufacturing plant will be located in Southern India.
India is a key market for Ingersoll Rand. Earlier this year, the company announced an investment of $100 million in India over the next three years. Local manufacturing, innovation and market-centric product development are the key focus areas for Ingersoll Rand in India.
The new manufacturing facility is part of the company's overall growth strategy to drive innovation, technology and product development in areas such as food preservation, energy efficiency, climate control, and security technologies.
''India is a strategic market for Ingersoll Rand and is fast emerging as a hub for innovation and product localisation for emerging economies," says Michael Lamach, chairman, president and chief executive officer of Ingersoll Rand. "With the new manufacturing facility, Ingersoll Rand India will be better positioned to achieve our growth goals for emerging markets and better able to serve our customers with localized products and services.''
The company is currently evaluating two locations in Southern India for the new manufacturing facilities. The facility will primarily cater to manufacturing products for the heating, ventilation and air conditioning (HVAC) industry. It will also focus on products for transport air conditioning and food security.
According to Venkatesh Valluri, chairman and president, Ingersoll Rand India, said, ''The new manufacturing plant will help Ingersoll Rand India achieve greater speed-to-market with innovative new products specifically for emerging economies at relevant price points. It also reaffirms our commitment to providing energy-efficient and sustainable solutions for local and emerging markets.''