ITT Corporation, a Fortune 500 company, has established its base in India by inaugurating its facility at Savli near Vadodara on Friday. It has been set up with an investment of Rs40 crore and in the second phase, the company plans to expand the facility with a further investment of Rs60 crore.

"India, China and the rest of Asia are key markets for our future growth plans," said president of ITT's China and India operations, Mike Kuchenbrod, adding that having a local presence and dedicated engineering staff here in India gives us an excellent platform to serve our local customers in a best way possible and grow along with the Indian economy.

"ITT's leading brands, such as Goulds Pumps, Bell & Gosett, Lowara, Flygt, Leopold, Koni and Cannon are very popular globally and in India as well, and we are in a position to grow substantially in the emerging market economies," said Sam Yamdagni, managing director of ITT India. "We are well-positioned in critically important segments including transportation, oil and gas, building services, water and wastewater, thermal and nuclear power and other industries. With our own facility in India, we are very excited to grasp the opportunities available in the local markets," said Yamdagni.

The new facility near Vadodara is spread over an area of 3,75,000 square feet and will manufacture pumps and valves suitable to Indian conditions. The facility is designed in a way so that it can facilitate future expansion, and also includes a state-of-the-art pump testing equipments. The total planned investment is approximately Rs100 crore with Rs40 crore in the first phase and balance Rs60 crore in the second phase. With more than 40,000 employees working in 55 countries, ITT is expanding its network throughout India. Along with a nearby engineering and technology center, ITT employs more than 50 people in Vadodara.

DNA Money Correspondent/ DNA-Daily News & Analysis Source: 3D Syndication