Thu Nov 07 15:14:45 UTC 2024: ## Climaveneta Climate Technologies Invests ₹400 Crore in New Manufacturing Plant in Karnataka

**Bengaluru, November 7, 2024:** Climaveneta Climate Technologies (CCT), a subsidiary of Japanese multinational Mitsubishi Electric, announced plans to invest ₹400 crore in a new manufacturing plant located in Narsapura, Kolar district, Karnataka. The facility will produce a range of industrial chillers, including screw chillers, magnetic levitation chillers, scroll chillers, and high-precision AC units.

CCT CEO Anil Dev highlighted the company’s strong order book exceeding ₹500 crore, and expressed confidence that the new plant will enable them to double annual orders within the next five years. The company also plans to double its workforce from the current 300 employees.

“This is our first production facility in India,” said Mr. Dev, emphasizing its significance in reducing imports from 50-55% to significantly lower levels. “We have also requested our global suppliers to establish a base in Karnataka to strengthen the supply chain.”

CCT currently holds a 14% share in India’s ₹2,800 crore industrial and centralized air conditioning and cooling market, a sector witnessing substantial growth year-on-year. Mr. Dev also shed light on the promising market potential for centralized cooling and chilling equipment, particularly in data centers, which currently account for about 20% of the market.

“India currently has a total installed capacity of 1 gigawatt (GW), and this is likely to triple in the next three years,” Mr. Dev explained. “Furthermore, the country boasts 10 billion square meters of green-certified constructions, and this number continues to rise.”

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