Tirupati: Daikin India to set up unit at Sri City

Sri City MD Ravindra Sannareddy and Daikin MD & CEO Kanwaljeet Jawa exchanging the land lease deed on Friday
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Sri City MD Ravindra Sannareddy and Daikin MD & CEO Kanwaljeet Jawa exchanging the land lease deed on Friday

Highlights

Daikin Air-conditioning India Pvt Ltd., a 100 percent subsidiary of Daikin Industries Ltd., Japan – the world's leading air-conditioning company signed the land lease deed at Sri City on Friday for manufacturing air-conditioners and components.

Tirupati: Daikin Air-conditioning India Pvt Ltd., a 100 percent subsidiary of Daikin Industries Ltd., Japan – the world's leading air-conditioning company signed the land lease deed at Sri City on Friday for manufacturing air-conditioners and components. The initiative is as part of the recently announced Production Linked Incentive Scheme (PLI) by the Government of India for promoting domestic manufacturing in the AC manufacturing sector. Daikin India is the first Japanese AC company to take this pioneering and leadership step to invest in India, with a view to give prominence to – 'Atma Nirbhar' India (self-reliant). It has chosen Sri City in Southern India as one of the hottest next destination to set up its 3rd manufacturing base.

Speaking on the occasion, Kanwaljeet Jawa, MD & CEO, Daikin India affirmed, "For the AC segment, as a strategy, we are increasing our focus on markets that are witnessing rapid growth. India is the fastest growing market for us. We believe India has the potential to become our offshore delivery centre for R&D and exports. We believe it can serve as a regional hub for markets such South America, Middle East and Africa". Speaking on the occasion, Sri City MD Ravindra Sannareddy said that Daikin's choice to locate their production unit at Sri City underlines it as an attractive location for the consumer durables industry. This was the first major investment in Sri City this year, with a potential to create over 3,000 jobs and reaffirming the fact that Andhra Pradesh, with its very competitive incentive policy, remains at the top of investors minds around the globe and across various sectors.

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