Honeywell CEO Vimal Kapur unveiled his bullish outlook on India's evolving economic landscape and highlighted the immense potential for Honeywell's business growth in the country. In an exclusive interview with CNBC-TV18, Kapur emphasised that Honeywell's diverse portfolio is perfectly aligned with India's strategic goals and positioned to capitalise on key sectors experiencing rapid expansion.

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"Our portfolio is a perfect fit for where India wants to go at this point in time. Look at what we do and where India wants to go," he said. "I think there's no reason why our domestic business would not double in the next 4-5 years’ time," he added.

With India's air transport sector undergoing significant development, Kapur pointed out that Honeywell's expertise and market presence in aerospace make the company well-suited to cater to the growing demands of the industry. As India opens its doors to increased air travel, Honeywell anticipates playing a vital role as an original equipment manufacturer (OEM) and meeting the rising demand for aviation solutions.

"Honey is big in aerospace and India wants to massively open its air transport sector. We've seen the news of Air India, we've seen the news of how other airlines are acquiring more planes. So that works perfectly for us because we are a big OEM provider for the aerospace sector," he informed.

However, Kapur stressed that India's push for infrastructure development extends beyond traditional sectors like roads and trains. He highlighted the transformative potential of automating critical infrastructure, such as hospitals and airports, which presents a substantial opportunity for Honeywell.

"Infrastructure is not only roads or trains; it includes crucial elements like hospitals and the construction of new airports. Moreover, the automation of infrastructure aligns seamlessly with Honeywell's energy transition efforts," he said.

Leveraging its expertise in energy transition technologies, including ethanol adoption and hydrogen solutions, Honeywell aims to contribute significantly to India's energy transformation objectives.

"India has some big plans to do energy transition in areas like hydrogen… the adoption of more ethanol… and we are a big player in the energy space and we are working with all Indian customers at this energy transition work happens."

Kapur expressed unwavering certainty that Honeywell's portfolio is perfectly suited to support India's growth trajectory. "Our portfolio fit is so strong with where India wants to go, which gives me very high confidence that we are going to do very well in India in the times to come."

He expressed optimism that the company will not only excel but also double its business in India within the next few years. "In the past year, you've seen your order book grow by about 12 percent, you've seen revenues grow by about 17 percent," he noted.

Further, Kapur drew attention to India's robust GDP growth, asserting that Honeywell's growth rate should also mirror that. He projected an ambitious growth target of 12-15 percent per year for Honeywell, contingent on India sustaining its current growth rate of 6-7 percent.

Kapur emphasised that India's strategic importance to Honeywell extends beyond domestic operations, playing a pivotal role in the company's global aspirations.

(Edited by : Shoma Bhattacharjee)

First Published:Jun 12, 2023 8:32 PM IST