India Now - page 13

continually at 2–3 times of GDP over
last two decades.”
About 55 per cent of Honeywell’s
growth is expected to come from its
high growth regions (HGRs) over
2012–17, which include 75 countries
across the globe. During the next
decade or so, these HGRs are expected
to contribute 70 to 80 per cent of
Honeywell’s global growth. However,
as of now, 10 countries witness nearly
70 per cent of the growth, with India
being one of the biggest contributors.
Maheshwari comments, “Our unique
HGR strategies enable Honeywell
to focus on sectors that continue
to grow faster than GDP, and to
grow faster than peers within those
government’s visionary programmes—
Make in India
Digital India
American multinational wants to
leave no stone unturned in leveraging
the opportunity and has entered into
strategic partnerships with several
Indian conglomerates.
Honeywell International signed an
agreement with Tata Power SED, Tata
Power Co Ltd’s defence engineering
unit, in September 2014 during Prime
Minister Narendra Modi’s visit to the
US to produce the US company’s
patented Tactical Advanced Land
Inertial Navigator (TALIN) in India.
The understanding provides the Indian
firm the licence to assemble, test and
eventually build the production kits for
the navigation system in India.
The aerospace unit of Honeywell
International Inc, in February 2015,
began strategic discussions with the
Mahindra Group for a potential part-
nership in the defence and civil aviation
sectors. According to media reports, the
US MNC is awaiting a decision from
the Indian Air Force to supply about
270 F125IN engines as part of the lat-
ter’s plan to upgrade its fleet of Jaguar
fighter jets. Honeywell, in the past few
years, has outsourced a huge chunk of
its work to India to optimise R&D and
manufacturing costs. The company is
proud of its ever-rising stake in aero-
space manufacturing, with exports of
aircraft components having crossed the
US$ 5 billion mark in 2014.
Growth Saga
Honeywell India posted US$ 1 billion in
domestic sales and exports in 2013. The
company has outpaced the country’s
economic growth for the past one
decade. Maheshwari says, “Being in
good industries ensures that we are
operating in sectors that continue to
grow faster than the GDP. This gives us
a strong tailwind for growth across the
verticals we touch. We also continue to
remain among the top three positions
within each of these industries. Both
these force multipliers have made it
possible for Honeywell India to grow
engineers. The firm’s business spans
across aerospace, automation and
control solutions, and performance
materials in India. Maheshwari says,
“Honeywell’s India commitment is
evident through its seven state-of-the-
art manufacturing and engineering
operations located in Chennai,
Dehradun, Gurgaon, Pune and
Vadodara, and five centres of excellence
for technology development and
innovations in Bangalore, Hyderabad,
Madurai and Gurgaon.”
At present, more than 50 per cent
of Honeywell’s portfolio is linked
to energy efficiency. The company
inaugurated a solar water heating
systems manufacturing plant in
“Being in good
ensures that we
are operating
in sectors that
continue to grow
faster than the
GDP. This gives us
a strong tailwind...”
—Anant Maheshwari
President, Honeywell India
sectors. Furthermore, the growing
mid-segment, rapid urbanisation and
infrastructure growth, investments in
defence, demand for energy efficiency,
safety and security will ensure that we
continue to grow across sectors.”
Expanding Footprints
The American conglomerate, which
commissioned its first UOP at India’s
first refinery in Digboi of Assam in
the 1930s, has today spawned across
50 locations with a workforce of nearly
13,000 employees, including 8,000
Vadodara in June 2014, its sixth
manufacturing facility in the country.
The 50,000 sq ft Vadodara facility
will manufacture solar water heating
(SWH) systems for residential,
commercial and industrial applications
for the domestic market in India as
well as for export to Southeast Asia
and North Africa. Also, the company is
set to build a 5.4 acre campus with an
investment of
1,373 crore in Bangalore.
Honeywell Transportation Systems,
which established its first plant in India
in 2005, is the fastest growing entrant
1...,3,4,5,6,7,8,9,10,11,12 14,15,16,17,18,19,20,21,22,23,...68
Powered by FlippingBook