Maker of Otis lifts, Carrier ACs bets big on India

US-based United Technologies Corporation (UTC), known for the Carrier brand of air conditioners and Otis elevators, is gearing for growth after years of steady but low-key presence in India.

US-based United Technologies Corporation (UTC), known for the Carrier brand of air conditioners and Otis elevators, is gearing for growth after years of steady but low-key presence in India.

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The company has chalked out plans to quadruple revenues from the current $500 milion (Rs 2,250 crore) to $2 billion (Rs 9,000 crore) over four years

The $54 billion (Rs 2,43,000 crore) diversified industrial conglomerate, which also provides fire and security solutions, expects institutional set-ups aross commercial buildings, airports and hotels to drive growth in India.

The company, which is ramping up production capacity in India to meet burgeoning demand, is also eyeing acquisitions. “The target company should be a strategic fit and come at the right price,” said Zubin Irani, senior MD, (commercial companies-India) United Technologies. “We have sufficient funds in our kitty.”

Irani added that the company is already in active talks and the final announcement on acquisitions may come early next year.

“Over the next 2-3 years production of all our commercial business products will shift to India,” said Irani. He refused to divulge further details.

Irani added that with rapid urbanisation the market for airconditioners, elevators and security solutions is expected to at least double by 2015.

Consider this: around 35,000 units of elevators were sold in 2010 that is expected to touch 70,000 units by 2015. The market for air conditioners too is expected to double to $3 billion (R9,000 crore) from the $1.5 billion in 2010. “The growth is happening in our sweet spot areas as a lot of this demand will be for energy efficient products,” Irani said.

UTC also manufactures aircraft engines and helicopters.