Zamil Industrial Investment Co, a Saudi Arabia-based manufacturing and industrial conglomerate, is betting on the Indian market to fuel growth.
The company plans to invest up to `3,000 crore in the next 2-3 years.
Zamil’s operations span across steel, insulation, air conditioner, concrete, energy and infrastructure sectors. Specifically, the company plans to increase its focus on the air conditioner market in India.
In line with this, the company has fully acquired air conditioner maker Advantec Coils by picking up a 70% stake for an undisclosed amount. In 2008, the company had acquired 30% stake in Advantec. Following this, the company has been named Zamil Air Conditioners India Pvt Ltd.
With this, Zamil has also launched a slew of products in the residential and commercial range. The company is also scouting for more acquisitions and is already in talks with two more players.
It is eyeing a 10% share of the `15,000 crore air conditioner market in the next three-five years. For this, going ahead the company also plans to increase its manufacturing capacities. It has two manufacturing facilities in Nalagarh, Himachal Pradesh.
Currently, the units produced in India are also exported to the Middle East. India’s contribution to the overall revenue stands at about 20% and the management expects to triple this.
Though the AC market in India has been sluggish for the past 3-5 years, but the company is undetered by this. “You don’t enter a country for a short period, we are looking at a long-term relationship with India., And from what we know we are already hitting the bottom in the AC market, so from hereon, the only way is up,” said Dinesh Vijapurkar (pictured), director, Zamil Air Conditioners India.