Ingersoll Rand, one of India’s prime business solution players in climate control and security, has forayed into the residential solutions segment in India with products such as interactive house devices, more commonly known as IHDs. These products will be targeted across the young working mass that are tech-savvy and are conscious about the need for energy efficiency and security.
Though this segment has not been recognised as a part of the ‘home’ industry, the company believes that preference for such innovative products will pick up over a period of time. Without disclosing the price range for its products, Sameer Nagpal, Vice President – Residential Solutions at Ingersoll Rand India, said, “These products are being devised for the convenience of customers, hence our products will be comparatively affordable.”
As of now, the products are going to be sourced mainly from China. When asked about the need to source with a plant in Naroda, Sahibabad, and one coming up in Chennai, Nagpal said “Initially, we want to focus on building our customer base and then gradually we will start manufacturing at our Chennai plant. The company expects to invest around $100 million in the next two years.”
Michael W Lamach, Chief Executive Officer, Ingersoll Rand, said, “The North American market contributes the most to our revenue with around $1.1 billion. Close to $600 million is contributed by emerging markets such as China, India and South America. India is placed at the fifth position, with turnover of $250million, and is just behind Latin America with a turnover of $600-700 million and China with $1.1billion.” Lamach said India has the potential to get ahead Latin America in 3-6 years.
The company, which was started in Kolkata, has been present in India for more than 90 years now. Ingersoll Rand expects to grow at 15-20 per cent year-on-year.