3M India to pump Rs 60 crore on the setup of second R&D lab in Bangalore

3M India to pump Rs 60 crore on the setup of second R&D lab in Bangalore 3M India, the subsidiary of $25.3 billion diversified technology focused 3M Corporation, has revealed its plans to invest Rs 60 crore in setting up a second R&D lab in Bangalore.

With the new centre, the company aims to have a R&D strength of about 200 scientists over the next four years from the present 85.

Apart from latest announcement, 3M Company has also decided to spend Rs 30 crore in plant expansion, including Rs 15 crore for the Ahmedabad unit.
At present, 3M has five manufacturing facilities located in India including Ahmedabad, Bangalore, Pondicherry and Pune.

3M India, which was established in 1988 now markets about 5,000 products in India with focus on healthcare, industrial, consumer and office and safety and security segments. Last year, the company has developed about 60 products in its Indian lab, which exclusively meant for the local market including dust free ventura adopter, raised pavement markers and dust free sander.

At present, the company employs about 1,200 people including about 400 in manufacturing and 500 in sales and marketing.

The company expects its growth rate in the Indian market to continue despite the global recession. The company posted revenue of Rs 742 crore for the year ended December 31, 2008 registering a YoY growth of 22 per cent.