Toshiba Carrier Corporation said on Thursday it has formed a joint venture with United Technologies Corporation to operate in the Indian commercial air-conditioning segment.
While Toshiba Carrier will hold a 51 per cent stake, United will hold the balance 49 per cent in the new entity, Toshiba Carrier Air-Conditioning Pvt Ltd, which will be headquartered in Gurugram.
Commercial AC equipment, also known as variant refrigerator flow (VRF) solutions, are targeted at office buildings and condominiums. Toshiba Carrier said in a statement the joint venture will enable it to begin manufacturing VRF units instead of relying on imports. It may also look at making India a manufacturing hub catering to neighbouring countries.
“The new joint venture allows Toshiba Carrier to localise planning, development, manufacturing and sales of its commercial air-conditioning products, expanding its footprint in the country,” said the statement.
A spokesperson for Toshiba Carrier told BusinessLine: “India will be the third overseas production site for Toshiba Carrier, after China and Thailand. The company will explore exports from India to nearby markets like Sri Lanka.”
Toshiba Carrier is an air-conditioning joint venture in Japan between Toshiba Corporation and Carrier, which is part of UTC Climate, Controls & Security, a unit of United Technologies.- The Hindu BusinessLine