Plant is key aspect of joint venture with Groupe Atlantic, says Somany
India’s Hintastica Private Limited (HPL), along with French JV partner Groupe Atlantic, has commenced production of heating appliances from a Rs.210 crore plant in Jadcherla, Telangana, for the Indian water heater market that is expected to grow to Rs.6,100 crore in 2032 from Rs.2,300 crore as of now.
The facility on 5.7 acres is to produce six lakh units of water heaters and heating appliances annually, utilizing advanced energy saving manufacturing equipment and renewable energy sources.
“This plant is the key aspect of our joint venture with Groupe Atlantic and we are happy to commence production despite the challenges faced due to the pandemic,” said Sandip Somany, Chairman, Hindware Home Innovation Limited, owner of Hintastica.
“With the opening of the new manufacturing plant, we are confident to optimally increase our market share, and further strengthen our position in the water heater segment,” he said.
“We first met with Hindware more than 10 years ago, and today we are happy to take our partnership with them to the next level to create this integrated water heater company,” added Pierre-Louis François, CEO, Groupe Atlantic.
“Both Groups share the same industrial and family values. From the start of our operations in India, we knew that to succeed in such a huge and great country like India, we needed a strong local partner and that it was a must to manufacture in India.”
He further added, “We also think that it becomes relevant to master the component technologies and therefore we are bringing our knowledge regarding energy management and temperature regulation to India. We believe this will be a big asset for our Indian development and contribute to reducing the energy consumption with low carbon thermal products.” fiinews.com
