JUNEASIA BUSINESS OUTLOOK8DAIKIN INDIA PLANS TO GROW TO A $2 BILLION COMPANY IN THE NEXT THREE YEARSKKR GETS NEW MD TO LEAD SOUTHEAST ASIA EQUITY BUSINESSThe company surpassed the $1 billion mark in FY23. Daikin India's revenue is expected to double to $2 billion, according to Chairman and Managing Director Kanwaljeet Jawa.For the fiscal year ending March 31, 2023, Daikin India had a revenue of Rs 8,860 crore. According to Jawa, the company sees India as its "future treasure" and expects it to be worth around Rs 16,350 crore in the next three years."We are now a billion-dollar company." "We now have market leadership in every segment in which we operate, including VRV, chillers, and room air conditioners," Jawa said.Daikin joins Voltas as the second company in the cooling industry to reach the $1 billion mark.Voltas, a Tata group company, reported a total income of Rs 9,667 crore for FY23.Daikin Airconditioning India is a wholly-owned subsidiary of Daikin Industries, a renowned global manufacturer of commercial and residential air conditioning systems based in Japan.In India, the company operates three manufacturing facilities, 15 sales offices, and five mother warehouses.In India, the company has made investments totaling Rs 2,300 crore.Daikin also intends to invest $5.7 billion in capital expenditures over the next three years in order to capitalise on Europe's demand for energy-efficient heating and India's growing air conditioner market.This represents a 47 per cent increase over the previous three-year period."Demand for air conditioners [in India] is growing faster than anywhere else," said President and CEO Masanori Togawa, according to sources.Daikin plans to double its production capacity in India by establishing a new plant in the south and is considering another in the west.Daikin India grew by nearly 140% in the previous fiscal year. KKR & Co is relocating a managing director from India to Singapore to lead the firm's Southeast Asia private equity business, according to two sources familiar with the matter.According to one of the sources, Prashant Kumar, who has been with KKR in Mumbai since 2018, will relocate to Singapore and begin his new role in July.Kumar will collaborate with Ashish Shastry, a partner who oversees Southeast Asia and co-manages the firm's Asia Pacific Private Equity business.Kumar, a Wharton School and Indian Institute of Technology alumnus, has invested in Indian companies such as deodorant maker Vini Cosmetics and drug maker JB Chemicals.Kumar's departure comes after KKR has recently strengthened its Indian leadership. In 2020, it hired Gaurav Trehan from TPG Inc (TPG.O) to lead its Indian operations.According to a source with direct knowledge of the matter, KKR also hired Trehan's former colleague Akshay Tanna from TPG as a partner in its Indian private equity team last month.The move also coincides with KKR's expansion into India and Southeast Asia. In 2021, it will raise $15 billion for its fourth Asia-Pacific focused private equity fund, one of the largest in the region for the asset class.Since 2005, KKR has been investing in Southeast Asia, and its Singapore office opened in 2012. Its regional investments include private equity, real estate, and infrastructure.Frontier Tower Associations, a KKR-backed telecom tower platform, paid $220 million in March for more than 100 telecom towers in the Philippines from broadband group PLDT. NEWSROOMJUNEASIA BUSINESS OUTLOOK8
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