Industrial solutions provider Eaton Corporation today said it aims to triple its revenue in India to $500 million by 2015 and will foray into the power distribution business this year.
"India will be an important part of our goal of generating 30% of our sales from emerging markets. We are excited about participating in the development of India's infrastructure and its manufacturing, transportation and power industries," Eaton Corporation Chairman and CEO Alexander Cutler told reporters here.
The company will foray into the power distribution market in India within the year and will establish sales, marketing, application engineering and local manufacturing facilities, he added.
"India is critical to our growth. We see our participation in India first and foremost as an opportunity to support our customers in the fast-growing domestic economy and secondly as an opportunity to meet the needs of our global customers," Cutler said.
Eaton has set a sales goal of $500 million for India by 2015, translating into a three-fold increase in the company's current revenue in the country.
Meanwhile, the Research and Development (R&D) division of Eaton in Pune will hire 200 employees for engineering and professional services.
"We are committed to increasing our research and development initiatives locally, as well as investing in our people and communities in India," he said.
Eaton has four manufacturing plants with over 2,300 employees in India. It provides solutions to the electrical, hydraulic and automotive businesses.
