23 Aug 2018 - KAWASAKI, JAPAN - Toshiba Carrier Corporation announced its
establishment of Toshiba Carrier Air-Conditioning India Private Ltd., a joint venture with
United Technologies Corporation, in Gurgaon, Haryana, India. The new joint venture,
established on August 14, 2018 and headquartered in the premises of Toshiba India
Private Ltd., allows Toshiba Carrier to localize planning, development, manufacturing
and sales of its commercial air-conditioning products, expanding its footprint in the
country. Toshiba Carrier is an air-conditioning joint venture in Japan between Toshiba
Corporation and Carrier, which is a part of UTC Climate, Controls & Security, a unit of
United Technologies Corporation (NYSE: UTX).
The new joint venture was created to support strong demand for variable refrigerant flow
(VRF) solutions. VRF is a form of commercial air-conditioning for applications such as
office building and condominiums. Driven by strong domestic demand from its
population of approximately 1.3 billion, India is expected to continue a fast economic
growth, as shown in its annual GDP growth at 7.4%*.
Toshiba Carrier Air-Conditioning India will benefit from the manufacturing operations of
Carrier Airconditioning & Refrigeration Ltd., the Carrier entity in India. It will also utilize
the robust nationwide distribution network and existing sales force, striving to lead the
fast-growing VRF segment in India.
The establishment of the new joint venture is one of Toshiba Carrier's initiatives with
regard to new overseas operations for its commercial air-conditioning business, based
on the memorandum of understanding that was signed in March 2015 between Toshiba
Corporation and United Technologies Corporation.
* Source: World Economic Outlook (April 2018) by IMF
About Toshiba Carrier
Toshiba Carrier is an air-conditioning joint venture in Japan formed in 1999 between
Carrier and Toshiba Corporation, which has the majority ownership. In its tireless
pursuit of meeting market needs, Toshiba Carrier offers air-conditioning products and
solutions based on its sophisticated technologies to the marketplace throughout the
world in its robust alliance with Carrier.
Find out more about Toshiba Carrier at
Outline of the New Company
||Toshiba Carrier Air-Conditioning India Private Ltd.
||3rd Floor, Building No. 10, Tower-B, Phase-II, DLF Cyber City,
Gurgaon-122002, Haryana, India (in the premises of Toshiba India
||Takao Hoshi, President
||Manufacturing and sales of commercial air-conditioning
||INR 285 million
||August 14, 2018
||Toshiba Carrier Corporation: 51%; and United Technologies South
Asia Pacific PTE Ltd.: 49%
For more information, please contact:
Toshiba India Private Limited
Abhishek Mehta / Sharda Vig
Aeshna Makkar/ Saloni Jain
9911638353 / 8355821848