The Indian subsidiary of Denmark-based climate and energy solution major Danfoss has posted a strong double-digit growth in the first half of 2024, a top company executive said.

“In H1, we have posted 15% and 8% growth in two businesses. H1 also saw increase in supplier base and in localisation from 52-60%. We hope to end the year with 20% growth over the previous year,” Danfoss India president Ravichandran Purushothaman said in an interaction.

According to him, the robust growth was driven by the rapid expansion of data centres, commercial buildings and cold chain infrastructure across the country besides the Centre’s strong push towards decarbonisation, coupled with initiatives such as the Production-Linked Incentive scheme.

“India continues to be the fastest growing region for the Danfoss Group, and we are proud to be at the forefront of the country’s sustainable transformation,” he said.

“We would have posted the targeted 20% growth in the first half, but for the softening of exports by Indian customers due to lower demand in Europe, parliamentary polls and drop in private capex in Q2. However, we are seeing growth momentum picking up in H2,” he said.

Talking about the mid-term goal, he said the company was confident of doubling the revenue to ₹5,000 crore by 2026. Besides, the company was also planning to increase the indigenisation level from the existing 52% to 85-90% in four years, he added.