Carrier to invest $800 million in India over the next 5 years, says CEO

Carrier plans to make a major investment in India. Carrier's chairman and CEO, David Gitlin, revealed in an interview with CNBC-TV18 that the company intends to invest an additional $800 million in India over the following five years. In Haryana, Carrier, which has been active in India since 1986, runs a manufacturing site. The corporation has made more than $1 billion in national investments during the last ten years. The great opportunity that India's low air-conditioning penetration presents is one of the main factors influencing this investment. Gitlin claimed that, in contrast to the more than 90% of residences in nations like the United States and Japan, only around 8% of residential buildings in India presently have air conditioning. As a result, both household and commercial air conditioning are rising rapidly. The Indian government has introduced a Production Linked Incentive (PLI) programme, offering incentives totaling a significant Rs 6,238 crore, in an effort to promote the local air conditioner manufacturing industry.

Gitlin also praised the Indian government's initiatives to promote manufacturing and create a robust supply chain. "Any incentive from the government to push towards renewable energy is always welcome," he stated.

Source: Carrier