Honeywell Sets Eyes on $600 Million Indian Revenue
With the inauguration of its new R&D facility in Bangalore, Honeywell will focus on four main areas like avionics, controls, aerospace and turbochargers from its new centre. The company is expecting to touch $600 million from its revenues in India in 2009.
The new facility build at the cost of $50 million can accommodate 3,000 people and features laboratory facilities, simulators, and a training centre.
Dave Cote, chairman and CEO of Honeywell said, "India is an integral part of Honeywell’s global growth strategy and we are committed to India as a manufacturing location, export hub, and most importantly as a centre of engineering and R&D centre of excellence. Our presence here has grown from 1,000 employees to over 10,000 today."
This is Honeywell’s second R&D centre in Bangalore. The company has five manufacturing facilities and more than 20 other locations across the country with employees across 50 cities. Honeywell has its presence in India since 2003 when it launched its first R&D centre and since then grown 10X in headcount as well as in revenues.
Cote said India has a terrific growth from $50 million to $600 million today but with the present recession on may not see such a voluminous growth at least till the recession is over. Honeywell is eying the Jaguar re-engineering project from HAL and its vast experience in aerospace we are hoping to bag the F125IN turbofan contract, said Cote.
Regarding Obama statement of outsourcing, Cote said, "I am not against creating jobs outside US but certainly against creating jobs at the cost of US and its economy."
He said China is ahead of India in terms of sales and has crossed the $1 billion but with the recession on it is unlikely that India can touch that figure in the next 2-3 years, he said.
In fact, India will achieve a sales target of $600 million during the calendar year 2009 slightly above the previous year but declined to give the projected figures for coming years.
Honeywell is well positioned in key growth areas including aerospace & defence, public safety & security and infrastructure development. The company is collaborating with HAL to produce TPE331 aircraft engines in India.
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