NEW YORK (AP) — Carrier Corp., a provider of heating and air conditioning solutions and a unit of United Technologies Corp., said Thursday it will spend $50 million over the next three years to build a new research and development center in India
The center — Carrier's third in Asia — will be used to develop new products and technology for local markets and expand the company's manufacturing operations.
Carrier is adding the center to take advantage of a rapidly developing market. Since 2004, the Indian air conditioning and refrigeration market has grown 25 percent annually, and Carrier expects it to be one of the world's largest markets by 2012.
The new facility is expected to open in 2009.