Industrial products company Ingersoll Rand will invest $100 million over the next three years in India. The company also aims to treble its revenue from India to $600 million over the next three years from the current $200 million.
Ingersoll plan to invest $20 million in the first phase to establish its third plant in southern India, which is likely to be ready within the next 18 months. The new facility will primarily cater to manufacturing products for the heating, ventilation and air conditioning (HVAC) industry.
"The plant will help us to achieve greater speed- to-market with innovative new products specifically for emerging economies at relevant price points," said Venkatesh Valluri, chairman, Ingersoll Rand (India).
The facility would come up either in Karnataka or Tamil Nadu, Valluri said. The company already has two manufacturing facilities at Naroda in Gujarat and Sahibabad in Uttar Pradesh.
"India is a strategic market and is fast emerging as a hub for innovation and product localisation. We are looking to export our products from India in other neighbouring countries," said Michael Lamach, chairman, Ingersoll Rand.