Japan’s Daikin Industries aims to make India its biggest manufacturing hub for exports, as the world’s largest air-conditioning company targets a near tripling of Made in India products sent abroad by 2025.
In an interview with the Financial Times, chief executive Masanori Togawa said European efforts to reduce dependence on Russian energy and tougher environmental regulations have presented the group with “the biggest opportunity” to expand sales of energy-efficient heating products such as heat pumps and has prompted the company to consider producing them in India.
“We are actively ramping up production of heat pumps, but if Europe enforces tighter regulations to require them at full scale by 2030, we still won’t be able to meet enough demand with our production in the region,” Togawa said at the company’s headquarters in Osaka.