Swedish compressed air solutions specialist and 11-billion euro company Atlas Copco is targeting double-digit growth in India on the back of higher demand for its industrial products here.
“We have a fairly good book order in hand this year with the latest from Hindustan Zinc worth $25 million received last month for drilling equipment,” Giovanni Valent, managing director at Atlas Copco India told Financial Chronicle.
He said the Pune-headquartered company was eyeing a double-digit sales revenue growth this year. Last financial year, the company’s revenues grew 15 per cent to Rs 3,500 crore year-on-year. The company is the leader in the compressor segment in India.
Atlas Copco competes with German firm Kaeser Compressors, American Ingersoll Rand and domestic firms such as Elgi Compressor and Kirloskar Pneumatic on the Indian turf. Valent said the firm’s revenue from compressors stood at 45 per cent, mining business at 25 per cent and infrastructure and construction at 15 per cent, with the rest coming from the automotive sector. Valent said India was among the top five markets for the Stockholm-headquartered parent company led by America and China.
Atlas Copco India, operating for the last 60 years, has three plants in Pune and one each in Nashik in Maharashtra and Hyderabad. The firm has two research and development centres in Pune and Bangalore with a total headcount of over 750 engineers who work on building new machines for global markets.
In June, the firm invested Rs 80 crore to double the capacity of its Hyderabad plant. The facility includes an R&D test centre for rock drilling products.