“The company operations in India have grown to revenues of over ₹1,250 crore last year apart from exports of over ₹600 crore. While the localisation is at about 20-25 per cent, we expect this to be stepped up to over 50 per cent by 2020,” Ravichandran Purushothaman, President, Danfoss India, said. In an interaction recently on the sidelines of the CII Energy Summit 2018, he told BusinessLine, “The 86-year-old global company is looking at unfolding opportunities for what he described as ‘district cooling’ solutions for Greenfield cities like Amaravati and working on other emerging cities.”
The company, which is engaged with Dolera City, the Gift City, plans to work on a pilot district cooling project for Thane, one of four sites globally for an innovative district cooling concept which brings down energy costs significantly, he said. Ravichandran said: “About 30 per cent of the world’s energy consumption is going towards cooling systems and the efforts are directed towards bringing this down by improving efficiencies.”
Based in Chennai with office and manufacturing unit at Oragadam, Danfoss has two factories in Pune and Baroda with over 1,100 employees. He said the company has had a successful acquisition led growth over the past and in the recent times some strategic acquisitions were also made of start ups such as Visedo of Finland and Ikusi Wireless Control of Italy and Nelumbo based in California. “We are open to more buy outs,” he said.
During the summit, Danfoss announced the launch of an innovative Variable Frequency Drive, a versatile product further enhancing energy efficiency.The Low Harmonic Drive is expected to reduce the energy consumption of external components and loss of energy. Danfoss is also looking at opportunities to offer its products and solutions in the electric vehicles segment. “Significantly, Danfoss had a target to reduce its energy intensity by 50 per cent by 2030 and at the end of 2017, we already reduced it by 43 per cent (86 per cent target achieved 13 years ahead) and improved energy productivity by 77 per cent,” he said. “We also had a global target to have 50 per cent reduction in our carbon footprint by 2030. In our India campus we already have 65 per cent of our energy requirements met from renewables,” Ravichandran said.
Source: IDEA / Businessline