Expects growth to be much faster in India than in China
Diversified US manufacturer United Technologies expects to raise its India revenues five-fold to $2.5 billion by 2015 from the current $500 million.
Speaking to reporters in New Delhi, Chairman and CEO Louis R Chenevert, who accompanied US President Barack Obama during his recent visit to India, said: “Today, India gives $500 million in revenues and we are growing at 20 per cent per annum. Our aim is to get to revenues of $2.5 billion by 2015. India will surely be one of the 10 top markets for the company across the globe. Our share from India of total revenues is just 1 per cent; by 2015, it should be over 3 per cent.”
Chenevert added India would follow the same route as it had witnessed in China. where his company had achieved a turnover of $3 billion in 10 years. However, looking at the growth plans, the growth will be much faster in India than in China to reach the revenue numbers, he added.
Chenevert also said United Technologies (UT) was talking to state-owned Hindustan Aeronautics Ltd (HAL) and another undisclosed company for jointly venturing into manufacture of defence products, mainly helicopters.
“We are looking at a venture in India and talks are on with HAL as well as another Indian company, which is not the Tatas, for a joint venture in defence products,” he added.
The CEO said that a meeting between suppliers and UT’s partners would be held in India in a couple of days so that the company could increase its sourcing of products for its global needs.
Chenevert said he expected elevator company Otis, a part of UT, to become a $1-billion entity by 2015.
“There is so much construction, new airports being built and new buildings coming up that we see a huge demand for elevators.” He also expects Carrier, the air-conditioning company, to hit the $800-million revenue numbers in the coming years. Chenevert expects the aerospace business to also grow, as it supplies the Pratt & Whitney engines to a host of Indian clients like Indigo Airlines.
On its joint venture with the Tatas, Chenevart said they had ambitious plans but it would be limited in the manufacture of commercial helicopters. The Tatas are already making the cabin for the Sikorsky helicopters for their requirement across the globe. Next in line will be the manufacture of components for the helicopters, which would be followed up eventually by assembling the aircraft in India.