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3M India sees revenue growing 28-30% in 2011

3M India sees revenue growing 28-30% in 2011
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First Published: Wed, Jun 22 2011. 08 40 PM IST
Updated: Wed, Jun 22 2011. 08 40 PM IST
Mumbai: US industrial and consumer goods conglomerate 3M Co’s Indian unit expects revenue growth of 28 to 30% in 2011 as it expands into smaller towns and plans to step up hiring in the country, a company executive said.
3M, known for its Post-It notes and health and safety gear, also plans to invest about Rs150 crore ($33.5 million) in India this year -- mostly in R&D and manufacturing, Ajay Nanavati, managing director of 3M India, told Reuters. “We’ve spent more in India in the last couple of years than we’ve spent in the prior 15,” Nanavati said, adding that the company is planning to raise its headcount to about 3,500 employees in 5 years.
It currently has 800 employees.
“We intend to sustain that with 300 hires a year,” Nanavati said, speaking at the company’s Indian headquarters in Bangalore.” The company, which has a portfolio of about seven thousand products ranging from surgical apparel to scotch tapes, also said it raised prices by 3% on an average due to higher raw material costs, and will likely have to increase them further if costs stay high.
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First Published: Wed, Jun 22 2011. 08 40 PM IST