Honeywell bets on India for growth opportunities
Global technology and manufacturing major Honeywell International is upbeat on growing its business in India in the light of opportunities emerging in aerospace, homeland security, environment and infrastructure.
"We are upbeat on growth opportunities in India, where the economy is buoyant and the government is pro-active in encouraging investments in high-technology sectors," Honeywell India president Anil P. Gupta told reporters here.
Though the $37-billion US firm is well entrenched in India, with a strong presence in engineering, manufacturing, research and technology development, the subsidiary is looking forward to government initiatives in critical sectors for hard-selling its products and services.
"We are looking forward to major offset deals in the defence sector," Gupta said.
"For instance, of the six platforms bidding for the multi-billion dollar Indian Air Force (IAF) order to buy 126 medium multi-role combat aircraft (MMRCA), we see a huge opportunity to undertake contracts if one out of the four platforms using our aerospace technologies is selected," he added.
Similarly, the US major is keen on investing in India if the cap on foreign direct investment is increased to 49 percent from existing 26 percent.
"We see huge opportunities unfolding when bilateral cooperation between the two countries in high technology areas increase further," Honeywell president for business and general aviation Rob Wilson said on the sidelines of an event.
"Besides defenece and aerospace sectors, we have a range of products and services to offer India in homeland security considering the prevailing security scenario," he added.
Honeywell has also bid for a lucrative order to retrofit IAF's Jaguar fighters with F125IN turbofan engine.
As part of its modernisation programme, the IAF had floated a global tender to upgrade its 125 Jaguars, produced by the state-run Hindustan Aeronautics Ltd (HAL) under licence from British Aircraft Corp.
Marking 25 years of collaboration with HAL for manufacturing and maintaining its TPE331-5 turboprop engines used in Dornier aircraft, Wilson said the company would place orders for manufacturing 600 TPE331-12 version of aero engines with HAL as and when the market for commercial aircraft revived.
"We have an exclusive agreement with HAL to manufacture about 600 TPE-331-12 turboprop engines for the civilian aircraft. Once we get orders for new aircraft or retrofitting in the existing aircraft, HAL will start making them," Wilson noted.
