Toshiba Carrier Corporation today announced a new joint venture with United Technologies South Asia Pacific PTE for commercial air-conditioning products.
Toshiba Carrier Corporation (TCC) will hold 51 per cent stake and United Technologies South Asia Pacific PTE will hold the balance 49 per cent in the joint venture (JV) firm Toshiba Carrier Air-Conditioning India.
“The new joint venture... allows Toshiba Carrier to localise planning, development, manufacturing and sales of its commercial air-conditioning products, expanding its footprint in the country,” TCC said in a statement.
The company said new joint venture has been created to support strong demand for variable refrigerant flow (VRF) solutions.
VRF is a form of commercial air-conditioning for applications such as office buildings and condominiums.
Toshiba Carrier Air-Conditioning India will benefit from the manufacturing operations of Carrier Air conditioning & Refrigeration, the Carrier entity in India, the company said in a statement.
Carrier, is a part of UTC Climate, Controls & Security, a unit of United Technologies Corporation.
“It will also utilise the robust nationwide distribution network and existing sales force, striving to lead the fast-growing VRF segment in India,” it added.