Carrier aims to repeat its China 'localization' strategy in India: Saif Siddiqui
Air conditioning company Carrier wants to repeat its China playbook in India by adopting a similar strategy, according to a top executive.
“Our strategy is to be in India for the long run,” said Saif Siddiqui, president-APAC at Carrier. “We have been in India for 40 years. We have been in China for many, many decades. We have localised to a large extent in China. In fact, the playbook we are talking in India, we have lived it in China in terms of supplier ecosystem localisation and investing in both R&D and manufacturing to get ourselves the local market.”
The Florida-based company plans to invest $800 million in India in the next five years, topping up a $1 billion investment made over the past decade, chief executive officer David Gitlin had told ET in October.
“A few years from now, we expect that vast majority of the products that we sell in India will be coming from localised sources,” said Singapore-based Siddiqui, an Indian-origin executive who completed his schooling at Delhi’s Army Public School.
Siddiqui spoke to ET during a visit to India to inaugurate a new research and development centre. In the commercial business in which the company participates directly, the management expects to at least double the business in the next five years.
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