BENGALURU: Bengaluru-headquartered Climaveneta Climate Technologies (CCT), a group company of Japanese multinational Mitsubishi Electric, on Thursday announced that it will invest Rs 400 crore to expand its manufacturing facility at Narsapura near Bengaluru. It will also double its workforce from the present 300 people in the next five years.
Chiller manufacturer CCT, which currently has an order booking of over Rs 500 crore, aims to double the annual order intake in the next five years, and is also targeting a revenue of Rs 1,000 crore in the next four to five years.
Anil Dev, CEO, Climaveneta Climate Technologies, India, said the chiller market size is about Rs 2,800 crore in India and that they are also looking for exports. "We are doing exports in a small way currently, but in another five years, our export revenues could be 20%," he said.
The company's present market share in the industry is about 14% and it has set a target of 18% by 2030. The facility will manufacture central air-conditioning equipment and its current capacity is about 1,200 chiller systems annually. "About 40% of what we do at present is for data centres," Dev said, adding that they will scale up exports in the near future.
Talking about data centres, Dev said about 75% of global data centres are its customers and that the country’s rapid digitalisation, e-commerce, cloud adoption and AI call for a strong data centre infrastructure, to support this growth. “Reliable cooling systems are essential to prevent equipment failures in data centers,” he said.
Masafumi Ando, CEO, Mitsubishi Electric Hydronic and IT Cooling S.p.A, said, “Climaveneta India’s products are vital now given the buoyant Indian economy and also the sudden and rapid change in industrial dynamics. Europe and many developed countries are phasing out refrigerants that have global warming implications and hence alternative technologies are the need of the hour.”
"Mitsubishi Electric plans to enhance its investment over the next few years and expand operations in and around Bengaluru as well as other locations,” said Atsushi Takase, Managing Director, Mitsubishi Electric India.
Apart from Climaveneta India, the Mitsubishi Electric Group already has two more of its companies in Karnataka – Mitsubishi Elevator India Private Limited (IMEC) and Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC).