Ingersoll-Rand (India) Limited announced that the Board of Directors of the Company at their meeting held on December 22, 2022, have approved setting up a new manufacturing plant to be situated in Gujarat State, India to increase the manufacturing capacity of the existing products and also to manufacture new products. Capacity addition. Existing Capacity is 10,000 units per month.

Existing capacity utilization is 100%. Proposed capacity addition is 5,000 units per month initially. Period within which the proposed capacity to be added is By end of September 2024.

Investment required is About INR 170 crores (plus contingency of up to a maximum of 7%). Mode of financing is Internal accruals. Rationale: Current projects for growth need additional space which the current plant at Naroda cannot fulfil.

New plant will not only help secure space for immediate expansion plans but will also fuel future growth prospects. The new plant upon becoming fully operational will manufacture new range of air compressors, air treatment devices, hydrogen compressors etc. to cater to the requirement of domestic market as well as export market in Europe, Middle East and Africa regions.