World's No. 1 Air-Conditioner Maker to Expand Capacity in India [Financial Post (Toronto, Ontario, Canada)]
DAIKIN INDS LTD UNSP/ADR (DKILY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Daikin Industries Ltd., the world's largest manufacturer of air conditioners, is looking to expand in India as it responds to consumer demand for what's become a necessity as temperatures soar. The Japanese company has signed a memorandum of understanding to acquire an additional 33 acres (13.4 hectares) to build a new plant near its current factory in southern India, chief executive officer of Daikin's India operations Kanwal Jeet Jawa said from the company's Osaka headquarters last week. “About 93% people in India still don't own air conditioners and that's the future market for us,” he said. Temperatures across India have tested record levels this year, posing health risks, hurting agriculture and potentially weakening economic activity. With its rising middle class, India is one of the world's fastest-growing markets for air conditioners, se
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