The Indian subsidiary of Denmark-based climate and energy solutions major Danfoss plans to more than double its revenue to Rs 5,000 crore by 2025 through its top three business segments, a top official said.
Ravichandran Purushothaman, President, Danfoss India Region, said, “We will focus on power solutions, climate solutions and drives that offer great growth potential.
Danfoss India’s climate agenda has ambitious plans and has an environmental, social and governance (ESG) strategy. In addition, it is working on decarbonisation, circulation and diversity and inclusion, he said.
On decarbonisation, he said that Danfoss aims to be the partner of choice for its customers across the globe through its energy-friendly solutions. Danfoss is also working on a strategy with suppliers and customers to embed circulars in new and existing products
According to him, the Danfoss headquarters in Nordborg will achieve carbon neutrality this year, India next year and all other locations by 2030.
“Currently, around 9% of the products in the global supply chain are circular. If we can increase this to 18%, it will reduce the carbon footprint,” said Kim Fossing, President and CEO, Danfoss Global.
Mr. Fossing, who is on a four-day visit to India, said that Danfoss India has played an important role. It had good growth potential.
“We are focused on India and continue to invest heavily in future R&D and capacity building globally,” he added.
“We see huge opportunity in agriculture especially tractors, electrification and data centres. Danfoss India is the second top market for us in the AP region,” said Astrid Moses, President Developing Regions and President, India Board.
Mr. Ravichandran said that Danfoss India has seen a huge transformation in the last two years. It added more than 1,400 people and invested more than $300 million.
“We are in the top 10 markets in the group in terms of sales and we aim to break into the top five as soon as possible. This we will achieve by having a presence in 80 cities (currently 56 cities), improving localization from 50% to 80-90%, and introducing products focused on healthcare, infrastructure and metro projects.
Danfoss India will end the calendar year 2022 with a revenue of over Rs 2,000 crore. It expects to post an annual growth of 20% for 2023 against 40% projected for 2022.