The Indian subsidiary of the Denmark-based climate and energy solution major Danfoss is planning to more than double its revenue to ₹5,000 crore by 2025 through its top three business segments, said a top official.
“We will be focusing on power solutions, climate solutions and drives that offer huge growth potential,” said Ravichandran Purushothaman, president, Danfoss India region.
Danfoss India has ambitious plans in climate agenda and has Environmental, Social and Governance (ESG) strategy in place. Besides, it is working on decarbonisation, circulatory and diversity and inclusion, he said.
On decarbonisation, he said that Danfoss aimed to be the preferred partners for its customers world wide through its energy-friendly solutions. Danfoss is also working on a strategy with suppliers and customers to embed circulatory in new and existing product
According to him, Danfoss headquarters at Nordborg will be achieving carbon neutral this year, India next year and all other locations by 2030.
“Currently, about 9% of products in global supply chain are circular. If we can increase it to 18%, it will reduce carbon footprint,” said Danfoss Global president & CEO, Kim Fausing.
Mr. Fausing who was on a four-day visit to India, said that Danfoss India played an important role. It had good growth potential.
“We are focused on India and are continuously investing heavily in the future, in R&D and in building capacities globally,” he said.
“We see huge opportunity in agriculture especially in tractors, electrification and data centres. Danfoss India is the second top market for us in the AP region,” said Astrid Mozes, president Developing Regions and chairperson, India board.
Mr. Ravichandran said that Danfoss India saw a huge transformation since last two years. It added over 1,400 people and had invested over $300 million.
“We are in the group’s top 10 markets in terms of sales and our aim is to be among top five at the earliest. This we will achieve by having presence in 80 cities (presently 56 cities), improving localisation from 50% to 80-90%, and introducing products focused on health care, infrastructure and metro projects.
Danfoss India will be ending the calendar year 2022 with a revenue in excess of ₹2,000 crore. It expects to post a y-o-y growth of 20% for 2023 against projected 40% for 2022.
