UPDATE 1-United Tech sees India revs growing in double digits http://today.reuters.com/news/articleinvesting.aspx?view=CN&storyID=2006-08-25T074714Z_01_DEL330585_RTRIDST_0_MANUFACTURING-UNITEDTECH-UPDATE-1.XML&rpc=66&type=qcna
Fri Aug 25, 2006
(Adds detail, quotes)
NEW DELHI, Aug 25 (Reuters) - Diversified U.S. manufacturer United Technologies Corp. (UTX.N: Quote, Profile, Research) expects revenues from its Indian operations to grow in double digits, a senior official said on Friday.
The Hartford, Connecticut-based firm's global units include jet engine maker Pratt & Whitney, helicopter maker Sikorsky Aircraft, the world's top elevator maker Otis and Carrier Corp. which makes air conditioning, heating and refrigeration systems.
"We posted revenues of over $300 million in 2005 (in India) and we are on track to show double-digit growth in 2006," President Louis R. Chenevert told Reuters at the sidelines of a news conference in the Indian capital. Carrier and Otis both have manufacturing operations in India while Pratt & Whitney and Sikorsky maintain business offices.
United also has aerospace design and engineering work done for it by Infotech Enterprises Ltd. (INFE.BO: Quote, Profile, Research), in which it holds a 14.2 percent stake. Chenevert said United had no plans to raise holding.
India's booming economy, expanding at 8 percent a year, offered good opportunity for United, Chenevert said especially in aerospace and commercial segments.
"Last year, India placed orders for more than 200 aircraft and we see the need for another 600 between now and 2012," he said, referring to prospects of engines sales to aircraft makers like Airbus (EADS.PA: Quote, Profile, Research) and Boeing Co. (BA.N: Quote, Profile, Research).
He said closer India-U.S. relations also opened up opportunities for defence supplies, but gave no details.
� Reuters 2006. All Rights Reserved.