Date:11/07/2009 URL: http://www.thehindubusinessline.com/2009/07/11/stories/2009071150771700.htm

Back 3M India to invest Rs 60 cr in R&D lab

Our Bureau

Bangalore, July 10 3M India, which has five manufacturing plants in India, plans to invest Rs 60 crore in setting up a second R&D lab in Bangalore.

An official with 3M India said the Indian subsidiary of the US-based $25.3-billion 3M Company will also invest Rs 30 crore in plant expansion, including Rs 15 crore for the Ahmedabad unit.

Localisation drive

3M India’s Managing Director, Mr Ajay Nanavati, said at a press conference the company expects to work with the Centre on its unique identification project that would issue national IDs to every citizen. He said the company’s growth in the country would be driven by a strong localisation drive.

In 2008, 3M India developed and launched products such as the 3M raised pavement markers, 3M median markers and 3M dust-free sander for the Indian market. About 33 per cent of the company’s Rs 742 crore sales turnover in 2008 came from the transportation markets, about 18 per cent from industrial products and 11 per cent from consumer and office markets.

Slowdown impact

Commenting on the impact of the slowdown on the company’s sales, Mr Nanavati said the 107-year-old company has ‘lived through many cycles and we have learnt to balance through a presence in different industries and markets’.