HTL Aircon to expand to Sri Lanka

Monday, 11 June 2018 00:00 - - {{hitsCtrl.values.hits}}

The Hindu: HTL Aircon Private Ltd, a leading heating, ventilation and air conditioning (HVAC) contractor, has announced overseas expansion plans.

The company has identified Dubai, Africa and Sri Lanka as potential overseas growth markets, according to a top executive.

“In this financial year, we will have operations in Dubai which is the gateway market for entering Africa,” said HTL Aircon Managing Director Lavinder Singh Duggal.

“So, this year we will be in Dubai and a few African countries.”

He said the company would grow with its existing clients who are also expanding in these markets.

“The HVAC market in Africa is unorganised and lacks high-quality players. We will fill that gap. On the other hand, the Dubai market is mature and needs reliable and quality-conscious players like us.

“This year, we expect to clock 10 crore revenue from overseas operations,” said Mr. Duggal. Revenue from overseas businesses is projected to grow to 40 crore in 2019-20, he added.He said the company would foray into Sri Lanka in financial year 2019-20 and is mulling entry in Thailand. Plans for a presence Bhutan have been put on hold for now.

“Most of our customers are expanding or having operations in Sri Lanka. We will serve that market from Chennai where we will be strengthening our base this year,” said Duggal.

In the domestic market, the company would be entering Chennai and Ahmedabad this year. It had already established its presence in Mumbai, Pune, Delhi, Hyderabad, Bengaluru and Goa.

“A large part of our growth is aided by our existing customers and project management consultants as well as architects who are awarding us contract in new projects. We will grow with them in overseas markets as well,” he said.

He said the company crossed the 100-crore turnover mark in 2017-18 and is now targeting revenue of 150 crore this year, including 10 crore from the overseas markets.

Some of its top customers include UBS, Morgan Stanley, HSBC, Synechron and Bank of America. It also works with project management consultants like JLL, Knight Frank, CBRE and C&W.