Kolkata, June 20 (IANS) Pune-based Racold Thermo Ltd. is planning to achieve three-fold growth in its solar heater business to Rs.1.5 billion, a company official said Wednesday here.
“We are eyeing to achieve three-fold growth in our solar heater business to Rs.150 crore in the next 3 to 4 years,” managing director Mathew Job told reporters here.
The company is a wholly-owned subsidiary of Italy-based Ariston Thermo Group.
The company, which offers complete range of electrical, gas and solar water heaters, is planning to increase the share of solar heaters to its total sales by expanding its manufacturing facility.
The firm has its manufacturing facility in Chakan in Maharashtra with a capacity of five lakh units a year.
Job said currently demand for solar heaters was growing at a faster pace than that of electric heaters in India.
Even while the electric heater market is growing at 10 per cent, the solar heater market is growing at over 15 per cent. With the electricity cost increasing and government offering subsidy to customers for using solar heaters, the market is set to witness a rapid growth, he said.
The Daily News Post India (tdnpost)