Italy's domestic and industrial heating, air-conditioning and water heating firm, Ferroli today announced foray in the country with its range of water heaters specially designed for the Indian market.
Ferroli is targeting 10 per cent market share and revenue of Rs 100 crore in the next 3 years, the company said in a statement.
Commenting on its India foray, Ferroli Group Head of Exports Marco Ippoliti said: "India is an important market for us. With our focus on technology and innovation, we see a great opportunity here. Our water heaters have a host of unique and eco-friendly customer benefits, which are being introduced in the Indian Market for the first time."
The company will expand its operations in the country in a phased manner beginning with South India region.
Ferroli has started operations in the country with electrical water heaters in capacities ranging from 1 litre to 500 litres.
"This will be progressively followed by gas and solar water heaters in the next two years," Ferroli South Asia Director A K Rathi said.
The company said total domestic water heater market in India, including gas and solar water heaters, is estimated to be Rs 1,200-1,300 crore, of which the electrical segment accounts for Rs 800-900 crore.
Ferroli will continue to bring new technologies to India in different segments of the market, the company added.
The company has a turnover of about Rs 4,500 crore and operates in over 100 countries.
