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Consumer durables maker Carrier today said it will invest Rs 500 crore alongwith its joint venture partner Midea to expand its production capacity at its newly commissioned plant and rolling out products.
Both companies have formed a joint venture — Carrier Midea Pvt Ltd — earlier this year to roll out products for residential segment. Carrier holds 40 per cent stake in the JV, while the rest lies with the Chinese partner.
“We will invest Rs 500 crore in the next 5-6 years in ramping up our manufacturing capacities and product development for the Indian market,” Krishan Sachdev, Managing Director, Carrier Midea Pvt Ltd said here.
The company, which today announced commissioning its air conditioning plant at Bawal in Haryana, has installed capacity of seven lakh units annually, he added.
“Gradually, we will increase the output to 10 lakh units every year. At its peak capacity, the plant will employ over 1,000 people,” Sachdev said.
The company will launch home ACs, both in split and window categories, separately under Carrier and Midea brands.
“In future, we will introduce other Midea products also. Initially, we plan to import their products from China,” Sachdev said without sharing details.
With the start of production at the Bawal plant, Carrier’s entire residential portfolio in India has been shifted to the JV, he added.
Earlier, Gaurang Pandya, Managing Director, Carrier India had said the company is eyeing Rs 2,000 crore sales in the next 3-4 years from its joint venture with Midea.
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