Carrier Corp. will invest US$50 million in India during the next three years to build a new global research and development (R&D) center, develop products and technology for local markets, and enhance Carrier's manufacturing operations.
India has one of the fastest growing economies and is a strategically important market for Carrier. Since 2004, the Indian air-conditioning and refrigeration market has grown 25% annually and is expected to become one of the largest markets in the world by 2012.
Carrier expects the new facility to open in 2009, making it the company's third global R&D center in Asia. It will bring Carrier's technology to India and facilitate the local development of new products. The center will include a facility to educate and train Carrier India's customers on its products. The company will also expand its workforce and expects to add 100 new positions, most of them in engineering.