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Carrier to Invest $50 million in India; New R&D Center to Develop Products for Local Market
Carrier Corporation
2007-11-29
Carrier to Invest $50 million in India; New R&D Center to Develop Products for Local Market
NEW DELHI, Nov. 29, 2007
Carrier Corp., a unit of United Technologies Corp. (NYSE: UTX), will invest $50 million (Rs 200 Cr) in India during the next three years to build a new global research and development (R&D) center, develop industry-leading products and technology for local markets and significantly enhance Carrier’s manufacturing operations.
"Carrier’s investment marks a new milestone in our growth in India," said Carrier President Geraud Darnis. "It will further strengthen our leadership position in India and enable us to bring the latest technology along with innovative and energy-efficient products and services to the local market."
India has one of the fastest growing economies and is a strategically important market for Carrier. Since 2004, the Indian air conditioning and refrigeration market has grown 25 percent annually and is expected to become one of the largest markets in the world by 2012.
Carrier expects the new facility to open in 2009, making it the company’s third global R&D center in Asia. It will bring Carrier’s industry-leading technology to India and facilitate the local development of new products. The center will include a state-of-the-art facility to educate and train Carrier India’s customers on its products. The company will also expand its workforce and expects to add 100 new positions, most of them in highly skilled areas such as engineering.
"Our company was founded on innovation," said Darnis. "We want to continue this legacy of our founder Dr. Willis Carrier and be the customer’s first choice in India."
Carrier’s investment will bring world-class technologies and industry-leading air-conditioning and transport and stationary refrigeration products to the Indian market. The investment will also enable Carrier to expand its manufacturing operations to produce new products in India and add capacity for future growth.
Carrier first sold its products in India in 1929. Since then, the company has continuously invested in India — in its people, products, operations and distribution channel. Today, Carrier serves customers through a network of more than 500 sales and service dealers across India and some 800 retail outlets.
In March, Carrier became the first manufacturer to offer residential systems that are made and labeled as per India’s Bureau of Energy Efficiency (BEE) norms for star rating, to provide maximum cooling with minimum power consumption.
"Carrier strongly supports this energy labeling program and commends the efforts of the BEE for launching this initiative," said Zubin Irani, managing director of Carrier India. "The next step in India’s effort to conserve energy is to make the BEE labeling mandatory which will benefit both consumers and the environment. We have championed energy efficiency and environmental sustainability around the world and our new R&D center in India will further Carrier’s efforts to develop energy-efficient products that use non-ozone depleting refrigerants."
About Carrier Corp.
Carrier Corp., headquartered in Farmington, Conn., is the world’s largest provider of heating, air-conditioning and refrigeration solutions. With 2006 revenues of $13.5 billion, Carrier has approximately 41,000 employees worldwide and operations in more than 170 countries. Carrier is part of United Technologies Corp., a Hartford, Connecticut-based provider of a broad range of products and services to the aerospace and building systems industries worldwide. Visit www.carrier.com for more information.
Contact Information
Himani Joshi
+91 124 2372231
Himani.joshi@carrier.utc.com
Nidhi M. Verma
+91 124 4150215
nidhi.verma@lintasindia.com
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