With BOCK acquisition, Danish MNC Danfoss hopes for good share in Vande Bharat
By siliconindia | Thursday, 09 March 2023, 05:21:18 PM IST
Danish multinational Danfoss is hoping for good business share in India's prestigious Vande Bharat trains following its acquisition of German compressor maker BOCK, GmbH, said top officials.
The Indian subsidiary of 10.3 billion euros turnover Danfoss is looking to double its business to Rs 5,000 crore by 2025.
"BOCK will be integrated with Danfoss and continue as a business division," Danfoss President and CEO Kim Fausing said.
The German company also has a presence in India and offers its cooling and heating solutions.
BOCK is big in bus and train refrigeration/cooling. With India rolling out air conditioned trains like Vande Bharat, the acquisition augurs well, Danfoss India President Ravichandran Purushothaman said.
According to Fausing, Danfoss has invested over 3 billion euros in acquisitions and the group is on the look out for further inorganic growth.
Danfoss' business segments are classified under power solutions, cooling, drives and heating and it largely supplies components and systems for original equipment manufacturers.
Declining to comment on the impact of the Russia-Ukraine war on Danfoss business, Fausing said the company has exited Russia.
On China+1 strategy, he Fausing said Danfoss largely focussed on regionalisation business. China's production is consumed in China and there are no plans to shift production lines out of that country.
Interestingly nearly 70 per cent of production in India is exported to various Danfoss facilities.
With a lot of data centres being set up in India, Danfoss is looking at this segment too.
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