UPDATE 1-United Tech targets $2.5 bln India revenue by 2015

* Sees India rev growing 20 pct in ’10 from $500 mln in ’09

* Says Otis targets $1 bln in India sales by 2015

* Official: firms discussing joint military production
(Adds details, byline)

By Devidutta Tripathy

NEW DELHI, Nov 9 (BestGrowthStock) – Diversified U.S. manufacturer
United Technologies Corp (UTX.N: ) expects to grow its India
revenue by 20 percent this year from about $500 million in 2009
and has set a 2015 target of $2.5 billion, its chairman said on
Tuesday.

Hartford, Connecticut-based United Technologies makes Otis
elevators, Sikorsky helicopters and Carrier air-conditioning
systems plus fire and security systems.

Chairman Louis Chenevert said they had set a target for
Otis to have $1 billion in India sales by 2015.

“Fact is, the numbers in India are very compelling as far
as the growing middle class, the largest work force in the
world for a nation,” Chenevert, who became company chairman in
January, told journalists.

“And they all want to adopt modern life,” he said at the
company’s newly-opened office in New Delhi’s central business
district.

He said it took the company 10 years to grow revenues in
China to $3 billion from $500 million, but growth in India
would be “faster”.

“I think the helicopter opportunities are numerous and all
this infrastructure that’s being built will create strong
opportunities,” he said of the Indian market.

United Tech’s Sikorsky Aircraft Corp is eyeing defence
deals worth $8-$12 billion in India by 2018 and plans to
manufacture its Black Hawk helicopters locally, the company
said in February.

New Delhi plans to spend $100 billion over the next decade
to overhaul its Soviet-era defence system.

Vice President Steve Estill on Tuesday said they were
talking to two companies in India, including the state-run
Hindustan Aeronautics Ltd, to jointly develop military
products.

Chenevert said United Tech was focusing on increasing
localisation of its products in India and would continue to
forge partnerships with Indian firms.

“I truly believe also that you can only win in this market
if you localise as much as you can,” he said.

A company of India’s Tata Group makes cabins for Sikorsky
S-92 helicopters under a 2009 agreement between the companies.
(Editing by Bryson Hull)

UPDATE 1-United Tech targets $2.5 bln India revenue by 2015