The startup incubator is established to support manufacturing-focused startups of select sectors, fostering technological advancements, sustainability, and energy efficiency. The company said that the incubator will provide startups with exposure to R&D, prototyping, testing processes, support in developing prototypes, and commercializing the product.
“The incubator at Johnson Controls-Hitachi Air Conditioning India Limited will provide mentorship and guidance to the manufacturing startups on various critical aspects such as concept-to-prototype development, project viability assessment, and go-to-market strategies. The company will also support them in managing potential funding needs along with other necessary services such as legal and IP filing to enable commercialisation of innovative products,” the company said in a release.
Sumeet Jarangal, director of DPIIT of the ministry of commerce and industry, said that a key element in boosting the country’s manufacturing sector is to create a pipeline of innovation 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 fall in net profit to Rs 36.2 crore in the June quarter of 2024. The company posted a net loss of Rs 41 crore in the quarter ended June 2023. The revenue from operations increased by 75.6% year-on-year to Rs 996 crore in the period under review.
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