Tyco aims to maintain 20% growth till 2005

BANGALORE: Tyco Electronics (TE) India aims for an average growth of 20 percent for the next five years from its present status of Rs 380 crore. The newly appointed managing director of the company, KU Subbaiah, informed this. He takes over from Samir Inamdar who is stepping down to don the role of President and CEO of GE Power Systems in Bangalore. The change of guard will be effective from 1 December 2002.

"The change was so quick that we are currently sticking to the plan made by Samir and India business managers. The plan will be reviewed on a later date, if necessary to keep up with the demands in the market. Whatever the changes might be we are aiming at a growth rate of 20 percent and more on an average for the next five years," said Subbaiah.

Subbaiah will continue his role as the chief of operations apart from taking the additional responsibility of the managing director. "There will be no other management changes apart from this, but internally there might be exchange of roles if needed," added Subbaiah.

TE is in the process of integrating its manufacturing facilities in Bangalore. The new center will be leased out from a real estate vendor and is expected to be operation from 1 April 2003. The new facility will have additional scope for expansion, which however is not in the company’s immediate plans, informed the company’s spokesperson.

Tyco in India, a wholly owned subsidiary of $10 billion Tyco Electronics Corporation, is about 1,200 strong with about 30 percent engaged in engineering, research and development. Apart from manufacturing components for electrical, electronics and computer industry, TE also has established four joint ventures in the country with various domestic and overseas conglomerates.