According to reports, Danish company Danfoss intends to invest 1.5 billion Danish Kroner, or Rs 1,350 crore, in India between now and 2015, the company’s President and CEO, Mr M. Niels Bjorn Christiansen, told a team of visiting journalists here today.
The investments will be made in Danfoss’ plant in Chennai, to expand the volume and range of its products, he said.
Over the same period of time, Danfoss will also ramp up the number of its employees in India from 200 now to 1,000, he said.
Danfoss has been present in India for a long time, but now ‘we are making a gear shift,’ he said.
Danfoss is a 78-year-old company that operates in energy efficiency space. In India, Danfoss has been making mainly control drives for motors, which are devices that let the motors up a speed appropriate to the load, thereby making them more energy efficient.
But now, apart from expanding the volume of drives, Danfoss intends to produce products ‘around cold chains’ for which Mr Christiansen sees a huge scope. He did not want to specify which products the company would make in India.
He, however, did mention ‘commercial compressors’, used in cooling large buildings and supermarkets.
Inverters for solar power plants is another area that Danfoss wants to get into.
Danfoss has been present in India on its own since 1998. In 2010, its sales from India amounted to around Rs 350 crore.