Danfoss to invest Rs 100 crore in Tamilnadu News Today
| Thursday | 19th November, 2020
Chennai: Danish company Danfoss A/S has decided to pump in Rs 100 crore towards expanding its drives' production near here said a top official in India.
With the central government announcing PLI for various sectors more companies will be investing in expansion which in turn augurs well for Danfoss drives Ravichandran Purushothaman President Danfoss India said.
He said the fresh investment of Rs 100 crore will also increase the local content in the company's drives from 40 per cent to 90 per cent by 2022.
Danfoss India is a wholly-owned subsidiary of $6.3 billion-euro Danfoss A/S.
Last year we shipped out about Rs 500 crore worth of products Purushothaman said.