Business

Toshiba’s AC arm eyes exports to Sri Lanka from India

Toshiba Carrier Corporation on Thursday announced plans to operate an overseas production plant in India, targeting the Indian market and exporting to nearby markets such as Sri Lanka.

Toshiba Carrier is an air-conditioning joint venture in Japan between Toshiba Corporation and Carrier, which is part of UTC Climate, Controls & Security, a unit of United Technologies. India will be only its third overseas production site, after China and Thailand.

According to India’s The Hindu newspaper, a Toshiba Carrier spokesperson said, “The company will explore exports from India to nearby markets like Sri Lanka.”

Toshiba Carrier said it has formed a joint venture with United Technologies Corporation to operate in the Indian commercial air-conditioning segment, with Toshiba Carrier holding a 51% stake, and United holding 49%. Toshiba Carrier Air-Conditioning Pvt Ltd will be headquartered in Gurugram, Haryana.

Commercial AC equipment, also known as variant refrigerator flow (VRF) solutions, are targeted at office buildings and condominiums. Toshiba Carrier said in a statement the joint venture will enable it to begin manufacturing VRF units instead of relying on imports.