3M India, with its presence in different segments of business and diverse range of products for more than two decades, could withstand the impact of slowdown. The Indian arm of the U.S.-based 3M Corporation had gone ahead with its expansion and invested Rs. 100 crore in setting up a research and development laboratory in Bangalore to develop products, specially for the Indian market, and in the manufacturing facility in Pune. The investment was in line with the U.S. company's commitment to India and its desire to expand its footprint in this country, said Ajay Nanavati, Managing Director, 3M India.
In an interaction with The Hindu , Mr. Nanavati said the company had manufacturing facilities in Bangalore, Pune, Ahmedabad, Puducherry and Ranjangaon. 3M India was spending 1.5-2 per cent of its sale proceeds on research and development. Globally, 3M was investing five per cent of its income on R&D, he said. The Indian company had locally developed and manufactured 40 products, he added.
3M was marketing more than 5,000 products in India. Internationally, 3M Corporation has more than 50,000 products in different categories. 3M India is catering to sectors such as automobiles, aerospace, railways, telecom, defence, safety and security, mining, healthcare, marine and oil and gas. The company was planning to establish its own warehouse in Chennai as all the imported products were received in Chennai.
The company has 10 warehouses and logistics centres in various parts of the country.
With more than 1,600 employees on its roll, 3M India was planning to add 300 more to its workforce every year, Mr. Nanavati said. While the company was growing organically, it was also looking at the possibilities of growing inorganically through acquisitions, the Managing Director said.
The company has reported net sales and income from operations of Rs. 1,086.85 crore for the 15 months ended March 2010 with a net profit of Rs. 92.84 crore.
