Zamil Industrial has become the first Saudi Arabian multi-national corporationto establish a fully-owned subsidiary in India to exploit the boomingair-conditioners and home products segment, a company official said.
The companyhas acquired full stake in Advantec Coils and renamed it Zamil Air ConditionersIndia Pvt Ltd (ZACI) to launch its comprehensive range of residential,commercial and industrial air-conditioners, including the Turbomiser serieschillers.
Headquarteredin Dammam, Saudi Arabia, Zamil Industrial had acquired 30 percent stake inAdvantec Coil in February 2008, and recently bought the remaining 70 percentstake in the joint venture.
"Theacquisition is a result of the company's strategic direction of value play toleverage multiple investments... We are confident of making big strides in theIndian market," says Zamil Industrial chief operating officer OsamaAl-Bunyan.
In the nextthree-five years, the company will target to get Rs.1,500 crore worth ofbusiness, or 10 percent of the Indian air-conditioner market.
"Wewill now be able to offer world-class technology at extremely competitiveprices, revolutionising the air-conditioner market not just in India but alsothe SAARC Region," says Dinesh Vijapurkar, director, ZACI, which isheadquartered in New Delhi.
Presently,Zamil Industrial's operations are spread across 55 countries and productsmarketed in over 90 countries.
ZACI willnow have two fully-integrated manufacturing facilities in Nalagarh in HimachalPradesh with a total installed capacity of 1.20 million units per annum.
ZACI willalso get direct access to the parent company's air-conditioner arm, Zamil AirConditioners, Saudi Arabia, and Clima Tech/Geoclima, Italy.
Besides India, Zamil Industrial hasmanufacturing facilities in Saudi Arabia, UAE, Egypt, Vietnam and Italy.