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Italian cooling solutions provider Frascold SPA, through its Indian arm, is aiming to target the Rs 200-crore Indian market in cooling and refrigeration from its plant at Matoda, near Changodar (Ahmedabad) , a company official said on Thursday.
The multi-national company , which has a 20 per cent market share in Europe, has set up its first plant outside Italy at an investment of Rs 10 crore through a joint venture in which it has 51 per cent equity, Giuseppe Galli, Managing Director, Frascold SPA, told reporters here.
The Matoda plant will have an installed capacity to manufacture 7,500 air-conditioning and refrigerating condensing units. The Indian market demand is about three times as much, said Subhash Agrawal, MD, Frascold India Pvt Ltd (FIPL).
The new facility will have a condensing unit assembly plant for both air-cooled and water-cooled equipment which will produce models similar to those produced in the company’s Italian plant. It will use condensing unit parts imported from Italy.
Galli said the Italian company has invested €10 million in the 2006-10 period, a third of it in 2010, in setting up facilities across the world. It now has over 140 partners globally and a presence in 60 countries. The company’s turnover in 2011 was €40 million.
> virendra.pandit@thehindu.co.in
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