Honeywell International's (HON.N) aerospace unit plans to more than double its $500 million revenue from India in five years by increasing sales of defense and commercial equipment, a top official said on Friday.
"We have revenue in excess of half a billion dollars, which we plan to more than double in five years," Paolo Carmassi, chief executive officer of Honeywell Aerospace, the world's largest maker of cockpit systems, told Reuters in an interview.
Honeywell, a diversified group which makes products such aircraft engines, electronic systems and avionics, has five manufacturing facilities and 10,000 employees in India.
As one of the world's biggest arms importers, India plans to spend more than $30 billion over the next five years to upgrade its largely Soviet-era arsenal, which Carmassi said provided the perfect environment to grow its businesses.
"Honeywell has had significant investment in India and is committed to realize its vision in the country. For example, in 2009, Honeywell has invested $50 Million to expand its R&D facility in Bangalore," Carmassi said by telephone from Rolle in Switzerland.
India will begin field trials this month to buy 126 fighter jets in a $10.4 billion project which is one of the world's biggest arms deal in play at the moment.
Boeing's (BA.N) F/A-18 Super Hornet, France's Dassault Rafale, Lockheed Martin Corp's (LMT.N) F-16, Russia's MiG-35, Sweden's Saab (SAABb.ST) JAS-39 Gripen and the Eurofighter Typhoon, are the six contenders.
When India finalizes the fighter deal in a year's time, it would be a win-win situation for Honeywell, Carmassi said, adding that five of the six contenders for the fighters have Honeywell products.
Honeywell components are also present in six C-130J military transport planes and eight P8-I maritime patrol aircraft, bought by India for $3.2 billion from Lockheed Martin and Boeing recently, Carmassi said.
Honeywell is also upgrading India's Jaguar fighter planes with superior engine, and has a tie-up with state-owned Hindustan Aeronautics Limited (HAL) to produce aircraft engines and equipment for the international market.
The company is also eyeing revenues from India's space program which envisions the launch of several satellites in the coming years and unmanned and manned missions to space and moon.
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