The startup incubator was established to support manufacturing-focused startups in select sectors, encouraging technological advancements, sustainability and energy efficiency. The company said the incubator will provide startups with exposure to R&D, prototyping, testing processes, support in prototype development and product commercialization.
“The incubator of Johnson Controls-Hitachi Air Conditioning India Limited will provide mentoring and guidance to the new manufacturing companies on various critical aspects, such as development from concept to prototype, evaluation of project feasibility and marketing strategies. “The company will also support them in managing potential financing needs along with other necessary services, such as legal and intellectual property filing, to enable the commercialization of innovative products,” the company said in a statement.
Sumeet Jarangal, director of DPIIT at the Ministry of Commerce and Industry, said a key element in boosting the country’s manufacturing sector is creating an innovation pipeline and an ecosystem of startups that drive this innovation.
Johnson Controls-Hitachi Air Conditioning is a joint venture of US-based Johnson Controls and Japan-based Hitachi Global Life Solutions.
The company reported a 25.8% quarter-on-quarter drop in net profit to Rs 36.2 crore in the June 2024 quarter. The company posted a net loss of Rs 41 crore in the quarter ended June 2023 .Revenue from operations increased by 75.6% year-on-year to Rs 996 crore in the period under review.
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