Honeywell Tech Solutions to develop more products for India
Honeywell Technology Solutions’ focus will be on an ‘India for India’ portfolio to develop more products for the domestic market.
“We are developing products that are smarter and connected. This gives us a huge opportunity. We are in a leading position to be a really big player,” said Akshay Bellare, VP, Honeywell Technology Solutions, adding that 60 to 70 per cent of the company’s 7,000 engineers in India are in the software space.
Honeywell is looking to grow rapidly at 15-20 per cent in India, riding on the transformation that its connected technology portfolio is expected to bring about across sectors. The multinational firm expects business growth in India to be higher than in the developed markets. Honeywell’s India sales and exports were worth more than US$ 1 billion last year, growing by 17-18 per cent. The company currently has six manufacturing facilities in India.
Bellare said the company would continue to invest in manufacturing to be a part of ‘Make in India’. “The company expects to continue growing at a rate that’s two to two-and-a-half times India’s GDP growth rate. India is growing at 7 per cent and our company wants growth of at least 14 per cent, if not 21 per cent.”
With its global sales at US$ 40 billion in 2017, Honeywell is betting big on India for a variety of reasons, mainly the high GDP growth, the reforms and the company’s transformation.