Honeywell India looks to tap mid-market segment


PUNE: Honeywell India will look at creating more products in the urban and midmarket segment as it seeks to expand its customer base in the country, Vikas Chadha, president, told ET to snare aspiring consumers demanding better products and services.

“As urbanisation happens, the mid-segment will blossom. A lot of consumers, both b2b and b2c, who are on the edge now will enter the middle class,” said Chadha. The company plans products that would primarily be de-frilled and scaled down versions of the existing portfolio of Honeywell Building Technologies which caters to residential and commercial constructions like hotels and hospitals.

“Even if it is a smaller hotel, it would be interested in a better security system or a solution that helps conserve energy. We believe if we defrill the products and solutions that we currently sell to the five star hotels or large hospitals and have them at an attractive price point, it will help,” said Chadha. The company is already running pilot projects and hopes to sign on a significant number of customers by the end of the year. Chadha, who moved into his new role in August last year, was earlier MD, Honeywell Automation India. “We want to be a cutting edge industrial company and help consumers unleash the benefits the internet and IoT provides. The products we sell are either IoT enabled or the data is already captured in the devices and we have to work on the analytics with the consumer, depending on what they need and how to use the data,” he said.

Honeywell has participated in a few Smart City initiatives and Chadha said that this was an opportunity that would continue to play out over the next few years. The company has been present in India for over 80 years, with 15,000 employees and an annual turnover of over $1bn in domestic sales and exports.

Chadha said India was among the faster growing markets for the company globally, and at scale, as a result of which it gets the due attention and investments from the parent company. Honeywell has seven manufacturing locations in India and three R&D labs. It operates in four primary areas, defence and aerospace, building technologies, performance materials and technology and productivity and security solutions.