Japan-based Daikin, a global leader, innovator and provider of advanced air conditioning solutions, plans to introduce a new range of air conditioners by early next year in India. The company plans to target the country’s upper middle class with the new range.

The price of the air conditioner, which will hit the market by March-April next year, is anticipated to be 10-15 % less than Daikin’s premium range, which is priced at Rs 40,000.

The company, which is growing at an annual rate of 35-40%, expects that the launch will enhance the company’s growth. The company expects 10-15% increase in sales through the new range of ACs.

Daikin’s holds 10% share in the Rs 4,000-crore Indian air conditioner market, while in the premium segment the Japanese air conditioning giant hold more than 50% market share.

The company plans to strengthen its presence in emerging markets like India and West Asian countries in coming months.

To fulfill its ambitious plan, the eight-year-old Daikin’s Indian arm will invest Rs 160 crore in an upcoming Neemrana facility, situated at Rajasthan.

The plant, which would have the capacity to make 20,000 ACs and 18000 chillers, is expected to start operations by September next year.