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Our Bureau

Pune , Nov. 15

Emerson Climate Technologies, a business of St. Louis-headquartered Emerson and player in the heating, ventilation, air-conditioning and refrigeration solutions, has announced the formation of Emerson Climate Technologies (India) Ltd.

Talking to presspersons, Mr Mark Dunson, Vice-President, Marketing (Emerson Climate Technologies Asia Pacific), said this follows the company's acquisition, in July 2006, of the entire equity stake in Kirloskar Copeland Ltd from its former joint venture partner, Kirloskar Brothers Ltd.

In July 2006, KBL and Copeland Corporation US, a division of Emerson, and its Emerson Climate Technologies business had announced an agreement within which KBL had sold its entire equity stake in Kirloskar Copeland Ltd (KCL) joint venture to Copeland.

KCL was first formed in 1993 as a joint venture between KBL's compressor division (51 per cent ownership) and Copeland (49 per cent) to manufacture compressors in India.

The total consideration for the sale of 51 per cent stake by KBL to Copeland was $40 million.

Commenting on the strategy that the company would be taking, Mr Mark said the company would be investing in India, build an Indian business for India and would not be looking at importing the products and marketing them. However, some of the products would be imported for some period. He said the company would be bringing into the domestic market components for residential air-conditioning and for the refrigeration segment.

Mr Mark noted that India would figure among the top three countries in the world in the air-conditioning segment and was expecting to double the market in the next three to five years. He pointed out that India had only about 1.5 million units, while China had about 25 million units. He added that the company is targeting the residential segment, which was growing at 30 per cent per annum.

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