Climaveneta Expands Indian Operations with New Manufacturing Facility
India: Climaveneta Climate Technologies Pvt Ltd (CCTPL), a subsidiary of Mitsubishi Electric Corporation, is significantly expanding its presence in India's HVAC market. The company, headquartered in Bangalore, is currently a market leader in co-location Data Centre chiller manufacturing with a 32% share. Over the next 4-5 years, focusing on data centre and industrial segments, Climaveneta aims to more than double its turnover to ₹1,000 crore ($115.5 million) and become the overall market leader in India's chiller market. To support this growth, Climaveneta has invested ₹400 crore ($46.2 million) in a state-of-the-art plant at Narsapura, Kolar district, near Bangalore. Phase I of the plant was commissioned in January 2020, and Phase II was rolled out in November 2024. The company plans further investments over the next 3-4 years to expand the facility to meet increasing market demand. Masafumi Ando, Global CEO of Mitsubishi Electric and Hydronic and IT Cooling Systems SpA, stated, "The Indian market is not only a promising market, but also an important contributor to our global business. Climaveneta India has been able to penetrate the market and establish itself strongly in a short period of time. This has encouraged us to embark on an expansion of our manufacturing facility near Bangalore, as a mark of Mitsubishi Electric Group’s commitment to India and also as an important step in our journey towards market leadership in India."
Source: Business India