Auto component maker Ingersoll Rand today said it is setting up a manufacturing facility at an investment of $20 million (around Rs 88 crore) over the next 18 months, for which it is currently evaluating two locations in South India.
"India is a strategic market for us and is fast emerging as a hub for innovation and product localisation. With the new facility, we will be in a better position to achieve our growth goals for emerging market," Ingersoll Chairman Vice President and CEO Michael Lamach told reporters here.
He said the company will invest about $20 million for setting up the facility, which is likely to be ready within the next 18 months.
Earlier this year, the company had announced $100 (around Rs 444 crore) million investment in India for setting up a greenfield facility and product development over the next three years.
Ingersoll Rand India Chairman and President Venkatesh Valluri said the company is currently evaluating two strategic locations in South India for the new facility.
The new facility will primarily cater to manufacturing products for heating, ventilation and air conditioning industry. It will also focus on products for automobile air conditioning and food security.
The company has currently two manufacturing facilities at Naroda in Gujarat and Sahibabad in Uttar Pradesh.
