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Danfoss signs MOU with Tamil Nadu Government for 500 Crores investment

05 November 2012
Chennai, Nov 05, 2012: Today, the Honourable Chief Minister of Tamil Nadu, Selvi.  J Jayalalithaa signed a MOU with Mr. Noel Ryan, President of Danfoss Industries Pvt. Ltd., that will pave the way for the allotment of 50 acres of industrial land in Oragadam, an industrial area located on the outskirts of Chennai. As part of the agreement, Danfoss India has made a commitment to invest in an integrated campus at this site and over the years create jobs for 1200 persons.

This sets Danfoss on a major expansion track in India in line with ‘India 2015’, a growth strategy announced in November last year. ‘India 2015’ outlines Danfoss’ plan to tap further into the fast growing Indian market and increase sales three fold by 2015. A pivotal part of this strategy is to build a combined manufacturing, R&D and sales campus over the next three years that will serve as Danfoss India’s future headquarters.

During the coming years Danfoss India will also strengthen its sales footprint throughout India as part of the strategy. The current sales offices across India, located mainly in Chennai, Mumbai, Gurgaon (NCR), Bangalore and Ahmedabad will be maintained to serve customers locally, but new locations are likely to be added to extend coverage and support the steep ramp-up of all activities.

Commenting on the new campus procurement, Noel Ryan, head of Danfoss India, said: “This is a big moment for Danfoss India and a major step forward in realising our ’India 2015’ growth plan. Our vision is to create a modern, state of the art facility with an attractive work environment that stimulates collaboration and creates the foundation for a strong common culture.”

Danfoss anticipates India’s burgeoning urbanization and the influx of people to cities will drive demand for its products. As people move to the cities, demand for power and energy will grow. The same goes for ventilation, air conditioning and a more efficient cold chain infrastructure to keep food fresh during transport and storage. This will fuel growth for Danfoss in areas such as industrial refrigeration, frequency converters and products related to solar and wind power.

“Danfoss is a company which pursues growth, wherever growth is. Our investment in India is one of the largest in the history of Danfoss and it signals the increasingly important role we expect India will play in Danfoss’ global operations. Currently India is Danfoss’ 12th largest market, but we expect it to be among the top five within the next five years,” said Kim Fausing, Executive Vice President and COO, Danfoss Group.

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