Hyderabad: A joint venture of Hindware Home Innovation and France’s Groupe Atlantic, Hintastica has set up a water heater manufacturing plant in Jadcherla, Hyderabad, at an investment of Rs 210 crores.
This equal joint venture by the two firms has gotten into commercial production and will generate direct and indirect jobs for over 500 people.
Chairman of Hindware Home Innovation, Sandip Somany, while addressing the media after the inauguration of the plant on Thursday, informed that this is the 9th plant of Hindware group in Telangana.
The facility will cater to the growing market for water heaters in India as well as export to Bangladesh, Bhutan, Nepal and Sri Lanka.
The plant of the JV firm Hintastica spans 5.7 acres and has the capacity to produce 6 lakh units of water heaters and heating appliances.
The chairman further said, “Enough space is available to expand the capacity, and the plan with this capacity is expected to ramp up to 12 lakh units.”
The group holds manufacturing facilities for glass containers, sanitary ware and PET bottles besides water heaters.
“In two years, an investment of Rs 600 crore has been made on new projects in Telangana and an additional Rs 200 crore investment is expected by the next fiscal year on a new glass furnace at its facility in Hyderabad”, added the chairman.
The company while citing the reports said the market for water heaters in India is expected to increase from existing about Rs 2,300 crores to Rs 6,100 crore by FY-2032 on the back of a rise in adoption of personal electric water heaters, rapid urbanisation, widespread availability of energy and rising disposable incomes.
Groupe Atlantic CEO Louis France said, ” the group which had revenues of around Euro 3 billion, 31 production sites, and 12,000 employees globally, pursues a strategy of local production with a strong partner while exploring big markets like India.”
Speaking on the bilateral ties between France and India, the french consul general in Bengaluru, Thierry Berthelot informed that a branch office of France will open this year in Hyderabad.
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