Italian cooling solutions provider Frascold on Thursday announced foray into India by setting up a condensing unit manufacturing facility at Matoda in Gujarat in a joint venture with its Indian partners.
The company plans to invest Rs 60 crore over the next 4-5 years in the plant.
The Italian firm holds 51 per cent equity in the Indian arm Frascold India Pvt Ltd (FIPL) while 49 per cent stake is jointly held by its co-promoters Subash Aggarwal and Selvraj Rangaswamy.
The facility having an installed capacity of 7,500 units annually is being set up with an initial investment of Rs 10 crore and is later expected to manufacture compressors too.
“Our foray in India comes at a time when the country is poised to be a global manufacturing hot-spot," Frascold India Managing Director Guiseppe Galli said.
