3M,a diversified technology manufacturing company has recently opened a new R&D centre in Bengaluru which will help the $26.6 billion company to enter new markets.
The Bengaluru centre also marks a milestone in its 20-year India journey. Till now, 3M has been importing, converting, and localising technologies that were used in 7,000 products that it sells in India. Now, it wants to develop new technologies in India, for India. And, in the process, serve other markets as well.
Ajay Nanavati, managing director of 3M India, said that for a Rs. 1,175 crore company, investing Rs. 100 crore in an R&D centre is a huge bet, but one that will help the company enter Tier II cities. While 30 per cent of 3M India’s revenue comes from products introduced in the past five years — within the company, it is referred to as new product vitality index — Nanavati aims to increase that to 40 per cent in the next five years, during which the company plans to grow to $1 billion.