Toshiba Carrier Corporation and United Technologies Corporation have entered into a joint venture to establish a new company, Toshiba Carrier Air-Conditioning India Pvt Ltd, for expanding its footprint in the commercial air-conditioning segment in India.
Headquartered in Gurugram at Toshiba India premises, it allows Toshiba Carrier Air-Conditioning to plan, develop, manufacture and sell commercial air-conditioning products for the Indian market. The company will use the existing manufacturing facilities to produce products in India.
According to a statement issued by Toshiba Carrier Corporation, "The new joint venture was created to support strong demand for variable refrigerant flow (VRF) solutions. Driven by strong domestic demand from its population of approximately 1.3 billion, India is expected to continue a fast economic growth, as shown in its annual GDP growth at 7.4 per cent, as reported in World Economic Outlook (April 2018) by IMF." VRF is a form of commercial air-conditioning for applications such as office building and condominiums.
The establishment of the new joint venture is one of Toshiba Carrier's initiatives with regard to new overseas operations for its commercial air-conditioning business, based on the memorandum of understanding that was signed in March 2015 between Toshiba Corporation and United Technologies Corporation.
Toshiba Carrier Air-Conditioning India Private Ltd. has been set up with a registered capital of Rs 28.5 crore, of which Toshiba Carrier Corporation owns 51 per cent share and United Technologies South Asia Pacific PTE Ltd. owns 49 per cent.