Grundfos Pumps India Monday said it is planning to spend Rs 125 crore over three years to develop new sustainability focused products and services.
The company, which is into pump solutions and water technology, is a wholly-owned subsidiary of Denmark-based Grundfos.
Company's Managing Director Ranganath N K said: "We have got the in-principal approval to invest Rs 125 crore by 2021-22 depending on the outcome of our efforts in 2019-2020".
"We are looking...if we could embed sustainability into our business...We are still discussing. India and Africa are the areas we would like to experiment with because we feel that impact would be the highest.
"What we know is, if instead of having a PBT (Profit Before Tax) target of 10 per cent we have PBT target of one fourth...What if we do that and use the money in the business to create products which impacts the sections of society that are affected negatively with respect to SDG 6 (Sustainable Development Goal) and SDG 13," he said addressing a press conference here.
SDG 6 goal by United Nations focuses achieving universal and equitable access to safe and affordable drinking water for all by 2030.
SDG 13 pertains to action to combat climate change and its impacts.
Of this Rs 125 crore, the company plans to spend around Rs 20 crore this year and also Rs 20 crore next year in setting up teams and create products specifically focused on SDG 6 and SDG 13.
When asked about the plans to strengthen the company's presence in other regions, the managing director said that Grundfos Pumps India has bigger plans for the northeastern part.
The company is also planning to foray into Bangladesh as it is a big market.
The 40 per cent business of Grundfos Pumps India comes from southern part of India, followed by 30 per cent from west, 20 per cent from north and rest from east. The company's solutions are used in buildings, industry and water utility among others.
Pump manufacturer Grundfos has an annual production capacity of more than 17 million units.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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