Grundfos, the Denmark-based leading pump maker, has announced its intention to maintain double-digit growth in India, building on a remarkable 14% growth recorded in 2023. As the company sees promising opportunities to expand its business across its four divisions in the country, Grundfos is poised to capitalize on favorable growth prospects.
Usha Subramaniam, Country President – India, Grundfos Pumps India Pvt Ltd, the Indian arm of the $4.6 billion Grundfos, highlighted the company’s strong performance in 2023, with revenue touching ₹900 crore. Subramaniam expressed confidence in the potential for growth across Grundfos’ business segments, emphasizing the promising outlook for the company in India.
Grundfos operates in four business categories: industrial solutions, commercial building services, domestic or residential building services, and water utilities. With a growing emphasis on water conservation in industries, commercial buildings, and government initiatives, Grundfos sees significant opportunities to provide its water and energy-saving solutions.
Currently, the industrial solutions segment contributes approximately 52% to the company’s revenue, with key sectors such as mobility, food and beverages, and pharmaceuticals playing a pivotal role. Shankar Rajaram, Sales Director – Industry, Grundfos Pumps India, highlighted the potential for growth in renewables within this segment.
Grundfos‘ growth trajectory is fueled by Tier-2 and Tier-3 towns, with strong prospects driven by urbanization in major cities. The company’s operations in India have evolved to include design and assembly, with a significant portion of embedded software development being undertaken locally.
To remain competitive in the Indian market, Grundfos is committed to increasing localization significantly in its products. Subramaniam outlined the company’s ambition to raise the overall localization level to about 60% in the next 3-5 years, with certain products already achieving localization levels of 85-90%, particularly in motors.
Looking ahead, Grundfos is considering making India an export hub for some products, with plans to explore shipping machine castings to other production units globally. Rajaram emphasized this as a long-term vision for Grundfos in India.
As part of its direct outreach strategy, Grundfos launched the iTruck campaign, showcasing intelligent and energy-efficient pumping solutions directly to industries across India. Since its launch in September 2023 from Gurgaon, the iTruck has covered over 12,500 km and visited over 90 cities across several states. The campaign continues to expand its reach, with plans to reach more cities by July 2024.
