| Topic: |
Politics > Politics-USA |
| User: |
"Your Special Friend" |
| Date: |
30 Sep 2003 07:54:37 PM |
| Object: |
Well Done Honey! India Lures US Giant Away From China |
http://www.financialexpress.com/fe_full_story.php?content_id=42858
Well Done Honey! TN Lures US Giant Away From China
KAVITHA VENKATRAMAN
CHENNAI, SEPT 26: US-based Honeywell International is planning to set
up a Rs 300-crore greenfield factory in Tamil Nadu (TN) for
manufacturing speciality fibres. The US giant has zeroed in on TN for
setting up the project after it dumped its plans to set up the unit in
China. Investment in TN will be Honeywell's first commitment outside
the US in the speciality fibre business.
Honeywell is a $22 billion business conglomerate with varied interests
in lubricants and other petroleum products and by-products. It is a
technology major manufacturer of aerospace products and services,
control technologies for buildings, homes and industry, automotive
products, power generation systems, speciality chemicals, fibres,
plastics and advanced materials. The US company already has its
electronics division in New Delhi and its software division is housed
in Bangalore.
Sources close to the development told FE that Honeywell has "almost
decided" to set up its speciality fibre manufacturing unit near
Chennai. This will be the company's first investment outside the US in
this line of business. "They have zeroed in on Tamil Nadu for setting
up the unit after rejecting several proposal to set up the unit in
China. The company has shown interest in building their facility on
the outskirts of Chennai. Team of experts including Mr Willam Hague,
director, engineering, have visited the site twice and have expressed
interest in investing in Chennai," sources said. Another technical
team from Honeywell had also visited the state recently, they added.
Honeywell, according to sources, would be investing over Rs 300 crore
in the facility. The manufacturing unit would come up in about 40
acres of land the in the industrial estate permitted by the State
Industries Promotion Corporation of Tamilnadu (SIPCOT) in
Sriperumbudur near Chennai.
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