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 had said a couple of months ago.
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 is a 78-year-old company that operates in energy efficiency space. The company said yesterday, plans to invest Rs 500 crore over the next three years to expand its manufacturing and R&D facilities which will generate over 2,000 jobs.
India will be the Danish-headquartered company’s manufacturing hub for the Asia-Pacific and its largest global R&D centre.
The company is among the top manufacturers of electronic controls for power sector including renewable energy, refrigeration, air-conditioning and commercial compressors.
The investments will be in place by 2015, when the company will set up a 50-acre factory in Oragadam, an industrial suburb to the west of Chennai.
It will employ over 2,000 workers including 1,000 in R&D and an equal number in administration and manufacturing. The company now employs over 300 people.