(MENAFN - Arab News) Dammam-based Zamil Industrial has become the first Saudi multinational corporation to establish a fully-owned subsidiary in India. The subsidiary will exploit the booming air-conditioners and home products segment, according to Zamil Industrial Chief Operating Officer Osama Al-Bunyan.
The company has acquired full stake in Advantec Coils and renamed it Zamil Air Conditioners India Pvt. Ltd. (ZACI) to launch its comprehensive range of residential, commercial and industrial air-conditioners, including the Turbomiser series chillers.
Zamil Industrial had acquired a 30 percent stake in Advantec Coil in February 2008, and recently bought the remaining 70 percent stake in the joint venture.
"The acquisition is a result of the company's strategic direction of value play to leverage multiple investments.
We are confident of making big strides in the Indian market," Al-Bunyan said, adding that in the next three to five years, the company will target to get Rs. 1,500 crore worth business, or 10 percent of the Indian air-conditioner market.
"We will now be able to offer world-class technology at extremely competitive prices, revolutionizing the air-conditioner market not just in India but also the SAARC Region," said Dinesh Vijapurkar, director of New Delhi-headquartered ZACI.
Presently, Zamil Industrial's operations are spread across 55 countries and products marketed in over 90 countries. ZACI will now have two fully-integrated manufacturing facilities in Nalagarh in Himachal Pradesh with a total installed capacity of 1.20 million units per annum.
ZACI will also get direct access to the parent company's air-conditioner arm, Zamil Air Conditioners, Saudi Arabia, and Clima Tech/Geoclima, Italy. Besides India, Zamil Industrial has manufacturing facilities in Saudi Arabia, UAE, Egypt, Vietnam and Italy.