CORRECTED – UPDATE 1-Ingersoll-Rand plans third plant in India

(Corrects investment figure in lede to $20 million from $20
billion)

* CEO says third India plant to come up in 18 months

* Targets $600 mln revenue from India in 3 years

* Reaffirms plans to invest $100 mln over 3 years in India

(Adds quotes, details)

NEW DELHI, Oct 26 (BestGrowthStock) – Diversified manufacturer
Ingersoll-Rand (IR.N: ) will invest $20 million in a proposed
third plant in India to cater to rising demand, and hopes to
treble its India revenue in three years, its chief executive
said.

“It’s the rising affluence of Indian consumers and basic
need for security at home or workplace (that is driving growth
in India),” Mike Lamach told a news conference on Tuesday.

The maker of air conditioning systems and security
technology also reaffirmed plans to invest a net $100 million
over three years in India, Asia’s third-largest economy.

The third plant would be set up either in Karnataka or in
Tamil Nadu, both in south India, in about one-and-a-half years
and would manufacture heating, ventilation and air conditioning
products, its head of India operation Venkatesh Valluri said.

“The new manufacturing plant will help Ingersoll-Rand India
achieve greater speed-to-market with innovative new products
specifically for emerging economies at relevant price points,”
Valluri said.

Ingersoll-Rand expects to treble its revenues from India,
which include sales from Mumbai-listed Ingersoll-Rand (India)
Ltd (INGR.BO: ) and another trading arm, to $600 million in three
years, Valluri said.

“We’re seeing growth outside the U.S. at three times growth
inside the U.S., and four and five times that rate in India and
China,” Lamach said last Friday explaining the importance of the
Asian markets for the company’s growth. [ID:nN22148071]
(Reporting by Sanjeev Choudhary; editing by Malini Menon)

CORRECTED – UPDATE 1-Ingersoll-Rand plans third plant in India