INDIA: Daikin has laid the foundation stone for its third air conditioning factory in India at Sri City, Andhra Pradesh.
Attended by Japan’s Ambassador to India, Satoshi Suzuki, the ceremony marked the start of construction of the US$120m factory, which is expected to start operation from 2023. It will serve the domestic market and exports to the Middle East and Africa.
The Japanese manufacturer first entered the Indian market in 2000 in a 80/20 joint venture with the Usha Shriram Group, a major Indian manufacturer of electrical and electronic goods. It opened its first factory at Neemrana, Rajasthan, in 2008, adding a US$48m R&D centre in 2016 and completing a second plant at Neemrana, costing $145m, in 2017.