Sri City founder applauds Daikin India for crossing billion-dollar milestone
Daikin Air-conditioning India which registered a turnover of Rs. 8,860 crore during the FY23, laid the foundation stone for its 3rd manufacturing facility at Sri City, Andhra Pradesh last year.
SRI CITY (Andhra Pradesh): Sri City Founder Managing Director, Dr. Ravindra Sannareddy congratulated Kanwaljeet Jawa, Chairman and Managing Director, Daikin Air-conditioning India on the company’s billion-dollar achievement. Targeting to become a USD 2-billion company in the next three years, the wholly owned subsidiary of Japan’s Daikin Industries and air conditioner maker crossed the milestone of USD 1 billion with a turnover of Rs 8,860 crore for the financial year that ended on March 31, 2023. Daikin Air-conditioning India laid the foundation stone for its 3rd manufacturing facility at Sri City, Andhra Pradesh last year.
In a message to Kanwaljeet Jawa, Dr. Sannareddy said, “I am delighted as Daikin India emerged now as the very first international company in the cooling industry to surpass the USD 1 billion mark, for the financial year 2023, and I extend my heartiest congratulations to you and your team. Under your dynamic leadership, Daikin India’s achieved market leadership in every segment in which it operates.”
“We applaud your remarkable achievement, and are proud to be associated with Daikin India as the ‘home’ for its largest manufacturing unit of air-conditioners (ACs) and compressors in India, built at high standards. We are confident that once this production facility begins functioning, Daikin India’s business in India would double to $2 billion in the coming years. And, we believe that your success will inspire others to strive for excellence and achieve their goals,” he said.
“Daikin’s initiative to establish a skill development training hub in Sri City, focusing on employability of youth, is much appreciated. We look forward to continuing our partnership with you and wish you the very best for your future endeavours,” Dr. Ravindra Sannareddy added.
Daikin Air-conditioning India Pvt. Ltd. is a 100% subsidiary of Daikin Industries Ltd., Japan. In Sri City, Daikin India is setting up a factory, which will serve the growing domestic and international demand with its cutting-edge products. This new factory, spread over 75.5 acres, will be ready for commercial production this year and elevate Daikin India to become the largest manufacturer of air-conditioners (ACs) and compressors in India. It will be a manufacturing marvel having all Industry 4.0 digitisation standards. Besides this, in line with the Skilling India initiative, Daikin will start a skill development training centre in Sri City, focusing on the employability of youth. It aims to offer training that combines on-the-job training, HVAC technical know-how and training in the Japanese manufacturing process as well as soft skills.
About Sri City:
Located just 55 kms from the bustling metropolis of Chennai in Andhra Pradesh, Sri City is one of India’s most coveted business destinations with investments which surpass USD 4 Billion and exports which exceed USD 1.1 Billion. Recently acknowledged as one of the top 10 business destinations in India, Sri City has within it a multiproduct Special Economic Zone (SEZ), a Domestic Tariff Zone (DTZ), a Free Trade & Warehousing Zone (FTWZ) and an Electronics Manufacturing Cluster (EMC).
This bustling Business City attracts investors from across the globe, with close to 200 companies, representing 28 nations setting up their manufacturing operations in the Industrial Park. Some of the biggest household names like Foxconn, Mondelez, Kellogg’s, Alstom, Colgate Palmolive, Pepsico, Lavazza, Danieli, Tata Smart Foodz, Unicharm, West Pharma, VRV, Daikin, Blue-star, among others are here. Sri City has emerged as the Air Conditioner manufacturing hub of South India, besides also emerging as the home of electronics manufacturing in South India.
Developed on the principles of ‘Work, Live, Learn, Play’, the city reverberates with life, allowing residents access to everything that makes living comfortable. Sri City has over the years played a pivotal role in the socio-economic upliftment of the region. Over 50,000 people, of which more than fifty percent are women, are employed in Sri City. And, the Business City aims to leverage this to 100,000 in the coming years. The Business City is also an IGBC (Indian Green Building Council) Gold rated organisation, practicing and executing a host of initiatives that ensures that it remains carbon neutral.
