Mumbai, Mar 8 (IANS): Zamil Industrial has become the first Saudi Arabian multi-national corporation to establish a fully-owned subsidiary in India to exploit the booming air-conditioners and home products segment, a company official said.

The company has acquired full stake in Advantec Coils and renamed it Zamil Air Conditioners India Pvt Ltd (ZACI) to launch its comprehensive range of residential, commercial and industrial air-conditioners, including the Turbomiser series chillers.

Headquartered in Dammam, Saudi Arabia, Zamil Industrial had acquired 30 percent stake in Advantec Coil in February 2008, and recently bought the remaining 70 percent stake in the joint venture.

"The acquisition is a result of the company's strategic direction of value play to leverage multiple investments... We are confident of making big strides in the Indian market," says Zamil Industrial chief operating officer Osama Al-Bunyan.

In the next three-five years, the company will target to get Rs.1,500 crore worth of business, or 10 percent of the Indian air-conditioner market.

"We will now be able to offer world-class technology at extremely competitive prices, revolutionising the air-conditioner market not just in India but also the SAARC Region," says Dinesh Vijapurkar, director, ZACI, which is headquartered in New Delhi.

Presently, Zamil Industrial's operations are spread across 55 countries and products marketed in over 90 countries.

ZACI will now have two fully-integrated manufacturing facilities in Nalagarh in Himachal Pradesh with a total installed capacity of 1.20 million units per annum.

ZACI will also get direct access to the parent company's air-conditioner arm, Zamil Air Conditioners, Saudi Arabia, and Clima Tech/Geoclima, Italy.

Besides India, Zamil Industrial has manufacturing facilities in Saudi Arabia, UAE, Egypt, Vietnam and Italy.