German refrigerant compressor manufacturer Bitzer plans to double business in India in the next five years, tapping into the increasing number of cold food chains and growing demand for green technology.
Its 100 per cent Indian subsidiary Bitzer India has a business of around one million Euro (about Rs 8.5 crore) and aims to double it in the next five years with a 20 per cent annual growth rate.
"We have a business of around one million euro from India and would like to double it in the next five years. But it also depends on factors such as the valuation of the Indian rupee," said Bitzer Refrigeration Asia Managing Director Rob De Bruyn.
He added that currently Bitzer's India sales contribute less than one per cent of its total revenues.
Bruyn said the Indian government is promoting setting up cold storages by providing financial subsidy which would increase demand for Bitzer's solutions.
Moreover, the entry of big retail giants such as Wal-Mart, Metro, Tesco, Carrefour and others in the country's food retail sector is expected to boost demand, he said.
"We see a very high interest in the green products (technology with low consumption) and high efficiency here," he added.
Asked whether Bitzer is planning to have a manufacturing base in India, Bruyn said: "Yes, but for the moment, we do not have the required volumes. To establish a factory, it needs a very high demand. When the demand is here and we have a sustainable business, we would manufacture here."
Bitzer India supplies cooling solutions to Blue Star, Voltas, Baker Circle, Prime Refrigeration, Middleby Corporation, Panasonic India, Coca Cola etc.
