VRF air-conditioning system market in the country is expected to clock a compounded annual growth rate of about 15 percent over the next few years, a senior executive of Blue Star has said.
"Inverter Variable Refrigerant Flow (VRF) market in India has been growing at a healthy rate and is expected to grow at a compounded annual growth rate of at least 15 percent over the next few years," Blue Star ED and President (AC&R Products Business) B Thiagarajan told reporters.
The company aims to double its sales turnover from Rs 3,000 crore last year to Rs 6,000 crore by 2018-19, he said, while launching Blue Star VRF IV Plus, a next generation VRF air-conditioning system here.
Of the Rs 3,000 crore sales revenue generated, Rs 850 crore came from the residential air conditioners and remaining from business-to-business sales.
The domestic air-conditioning market is estimated to be around Rs 15,000 crore and of this VRFs accounted for six percent, he said.
The firm's products were available in the Middle East and SAARC countries and every year, it is spending Rs 40 crore on Research and Development activity, the unit of which is located at Thane in Mumbai, Thiagarajan said.
"There are 150 people working in it," he added. The product launched is the country's first 'Made in India' 100 percent VRF system, he said, adding that it is well suited for the varying climatic conditions as well as voltage fluctuations faced across the country.
It was manufactured at the company's Dadra plant, which was set up as per international standards, he said.
The company has around 230 specialised dealers across India, Thiagarajan added.