UTC Fire & Security (UTCFS), a global leader in fire safety and electronic security solutions, is looking for acquisitions in India as apart of its strategy to expand its business in the country.
UTCFS is a unit of the US-based United Technologies Corporation (UTC), which is a diversified, NYSE-listed company whose products include Carrier heating and air conditioning, Hamilton Sunstrand aerospace systems and industrial products, Otis elevators and escalators, Pratt & Whitney aircraft engines, Sikorsky helicopters and UTC power fuel cells.
“We see our business in India to grow 10-fold in the next five years,” UTCFS president, William M Brown, told Business Standard adding that this would be achieved through a combination of opening of new offices, localising its products for Indian customers and acquisitions.
“We are going to make significant investments in this country,” Brown said declining to disclose the size of the investments.
UTCFS has witnessed a three-fold increase in its business from $10 million since its debut in the Indian market in 2005 to over $30 million at present. Starting with 150 employees, the company currently has 400 people on its rolls.
Stating that there were a lot of good Indian companies in this field that could be acquired, Brown said UTCFS was currently in talks with some of them. He, however, did not say at what stage the negotiations were or what could be the cost of acquisition. “It (acquisition) could happen anytime,” he said.
Brown said the company had engaged a multinational consulting firm to do a detailed study of the Indian fire safety and security solutions market. Based on this, the company was focusing on three primary segments- power, petroleum, oil and gas (PPOG), real estate and network systems like cellular phones.
“India’s $1 billion-plus fire safety and security industry is poised for exponential growth and UTC Fire & Security has a broad range of fire and security solutions well-suited to meet the emerging needs of the industrial and commercial customers,” he said.
UTCFS on Tuesday opened India Innovation and Engineering Centre here that would be responsible for developing, localising and integrating fire and security products for customers in India and supporting global product development for the company’s worldwide operations.
According to Brown, the centre will develop and support high technology fire and security products including detection and alarm panels, access control and video solutions and other products for customers in the energy and commercial building segments.
UTC India’s senior managing director, Zubin Irani, said along with Carrier and Otis, which were leaders in the market, the company would be able to provide a wide range of solutions to customers.
UTCFS recent projects in the country include Vindhyachal Super Thermal Power Plant, operated by NTPC, Mangalore Refinery and Petrochemicals Limited, and Anpara B Thermal Power Plant.