NEW DELHI –Industrial products company Ingersoll Rand (IR) has announced that it is planning to invest US$100 million (around Rs. 450 crore) in the Indian market over the next three years for setting up a greenfield facility and product development. Out of the total amount earmarked, nearly US$ 20 million dollars (Rs.88.8 crore) will be spent on establishing a factory in southern India to manufacture heating, ventilation and air conditioning products for automobiles and other industries. The plant, which may come up either in Karnataka or Tamil Nadu, will be the US-based company’s third facility in the country. The American diversified manufacturer has maintained that that the new plant, which will be established in about one-and-a-half years, will cater to rising demand and will also help it treble its revenue from the country to US$ 600 million by 2013. Ingersoll Rand, which is registered in Ireland, already has two factories in India, one at Naroda in the western city of Ahmedabad and another in the northern town of Sahibabad (Uttar Pradesh).
Stating that India, which is Asia's third-largest economy, is a key market for them, New York-listed Ingersoll-Rand Chairman, President and Chief Executive Officer Michael Lamach said the new manufacturing facility was part of their overall growth strategy to drive innovation, technology and product development in areas such as food preservation, energy efficiency, climate control, and security technologies.
Speaking on the occasion, Michael Lamach noted, “India is a strategic market for Ingersoll Rand and is fast emerging as a hub for innovation and product localisation for emerging economies. We are looking to export our products from India in other neighbouring countries. 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. We're seeing growth outside the U.S. at three times growth inside the U.S., and four and five times that rate in India and China.”
Talking about the new greenfield manufacturing facility, 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.” Ingersoll-Rand expects to treble its revenues from India, which include sales from Mumbai-listed Ingersoll-Rand (India) Ltd (INGR.BO), and another trading arm, to US$600 million in three years, Valluri said.
It is to be mentioned that Ingersoll Rand is a world leader in creating and sustaining safe, comfortable and efficient environments in commercial, residential and industrial markets. Our people and our family of brands—including Club Car, Hussmann, Ingersoll Rand, Schlage, Thermo King and Trane —work together to enhance the quality and comfort of air in homes and buildings, transport and protect food and perishables, secure homes and commercial properties, and increase industrial productivity and efficiency. We are a $13 billion global business committed to sustainable business practices within our company and for our customers.
Ingersoll Rand is based out of 18 locations in the country. Ingersoll – Rand (India) Limited is listed on the National Stock Exchange of India and on the Bombay Stock Exchange. In India, Ingersoll Rand is working on three key areas – “Productivity” by leveraging its local manufacturing operations in Ahmedabad and Sahibabad, “Innovation” through its engineering R&D centers in Bangalore and Chennai and “Growth” through the expanded footprint it has in the country. Ingersoll Rand is committed to India and recognizes it as a large market.
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