Daikin Air Conditioning India expects to become a USD 2-billion company in the next three years, having passed the USD 1 billion mark in FY23, according to Chairman and Managing Director Kanwaljeet Jawa. For the fiscal year ending March 31, 2023, Daikin India had a revenue of Rs 8,860 crore.

According to Jawa, the company sees India as its "future treasure" and expects it to double to USD 2 billion (around Rs 16,350 crore) in the next three years.

Daikin India is now the second company in the cooling industry to surpass the USD 1 billion mark, following Tata group firm Voltas, which reported a total income of Rs 9,667 crore for FY23.

When asked about this Jawa said: "Yes, we are a billion-dollar company now. Now we have top shares in every segment which we operate -- VRV, chillers and room air conditioners."

"We are looking at India in the long term. We have expansion plans here to make India a manufacturing hub for Daikin for Middle East and Africa markets," said Jawa.

Over Daikin India's contribution to the parent global company, Jawa said it is still very small and still in the single digits.

"Now India is at the explosion stage and the roadmap of the entire AC industry is quite bullish. Component manufacturing has started in India in a big way," said Jawa.

He expects "10 times growth in the next 10 years time" for the Indian AC industry. With the current macroeconomic condition, and the growth of the industry with the help of the government, a "big growth" is expected.

"Before the end of this year we will start commercial production also," he said, adding, "we will start manufacturing first compressors and then air conditioners."