Honeywell to expand India operations

Honeywell to expand India operations

Monday, 01 November 2004, 08:00 Hrs
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BANGALORE: U.S based IT major Honeywell International plans to expand its India operations during the next one year, the company said Monday.

Krishna Mikkilineni, managing director of its Indian subsidiary, said the company will recruit another 1,000 engineers and invest $10-15 million.

Mikkilineni told reporters the company would also hire about 200 people for ramp up its Madurai centre in Tamil Nadu to 300 personnel. The centre was set up two years ago.

"We are one of the key labs to serve the needs of Honeywell International. We have realised the way to add value is by tapping into the eco-system and the local talent pool," Mikkilineni said on the sidelines of the on-going Bangalore IT.Com 2004 event here.

Honeywell's expansion move comes in the wake of its joint venture with the Tata group terminating after it's parent firm acquired the latter's 41 percent stake for 1.3 billion earlier this year.

Honeywell Asia Pacific, a subsidiary of Honeywell International, bought out the stake from Tata Industries at 350 a share. The transaction is expected to be completed this year.

Both the partners had 41 percent stake each in Tata Honeywell, with the balance (18 per cent) held by financial institutions.

Honeywell has a research and development centre in software in Bangalore and in aerospace and transportation in Gurgaon near Delhi.

Though the Indian subsidiary's revenue contribution to its parent firm is not significant, it has projected 25 percent growth during the current fiscal

Krishna Mikkilineni, managing director of its Indian subsidiary, said the company will recruit another 1,000 engineers and invest $10-15 million.

Mikkilineni told reporters the company would also hire about 200 people for ramp up its Madurai centre in Tamil Nadu to 300 personnel. The centre was set up two years ago.

"We are one of the key labs to serve the needs of Honeywell International. We have realised the way to add value is by tapping into the eco-system and the local talent pool," Mikkilineni said on the sidelines of the on-going Bangalore IT.Com 2004 event here.

Honeywell's expansion move comes in the wake of its joint venture with the Tata group terminating after it's parent firm acquired the latter's 41 percent stake for 1.3 billion earlier this year.

Honeywell Asia Pacific, a subsidiary of Honeywell International, bought out the stake from Tata Industries at 350 a share. The transaction is expected to be completed this year.

Both the partners had 41 percent stake each in Tata Honeywell, with the balance (18 per cent) held by financial institutions.

Honeywell has a research and development centre in software in Bangalore and in aerospace and transportation in Gurgaon near Delhi.

Though the Indian subsidiary's revenue contribution to its parent firm is not significant, it has projected 25 percent growth during the current fiscal.
Source: IANS
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