Chennai: Diversified US manufacturer United Technologies Corp., maker of Carrier air conditioners and Otis elevators, on Friday announced the acquisition of two Chennai-based companies – building management business Sauter Race Technologies Pvt. Ltd and Agnice Fire Protection Ltd. – to support a five-fold jump in India revenue from the current $500 million to $2.5 billion by 2015.

The Hartford, Connecticut-based company’s India commercial business head Zubin Irani told Mint ahead of the Chennai press conference that UTC was taking a majority stake in both companies but refused to give details on the size of the deal and the stake percentage

Photo: Bloomberg

Sauter Race was created in 2006 when Sauter AG of Switzerland picked up a 26% stake in the 1992-established Race Technologies. The Indo-Swiss joint venture deals in heating, ventilation and air conditioning (HVAC) systems and security controls for buildings, both of which together form a big chunk of the Indian building management systems market.

The Indian intelligent building management systems (IBMS) market is valued at $621 million as on 2011, according to an online report by US consultancy Markets & Markets. The market is expected to reach $1,891 million by 2016 aided by a compounded annual growth rate (CAGR) of 25%.

Agnice Fire Protection is a 15-year-old company that offers gas-based and water-based fire suppression services to large commercial and residential buildings, oil and gas industry and power plants, and also provides building security solutions, such as electronic access control and closed-circuit camera television.

UTC’s India arm has over 80 sales and service offices, four factories and three R&D (research and development) centres, over 4,000 direct employees, and 5,000 indirect employees in India.

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