Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

RTX aims to boost India headcount by 14% in 3 years, execs say

Published 12/19/2024, 01:12 AM
Updated 12/19/2024, 01:16 AM
© Reuters. FILE PHOTO: Signage for RTX is seen during the Association of the United States Army annual meeting and exposition at the Walter E. Washington Convention Center in Washington, U.S., October 14, 2024. REUTERS/Nathan Howard/File Photo
LMT
-
DXC
-
RTX
-
RYCEY
-

By Sai Ishwarbharath B

BENGALURU (Reuters) - U.S. aerospace and defence giant RTX Corp plans to hire 1,000 more people to its 7,000-strong workforce in India by 2027, its top executives told Reuters, as it looks for more engineers and data scientists to power its global operations.

The jobs will be added across RTX's units, including around 300 engineers for aircraft engine maker Pratt & Whitney over the next 12-18 months, and 700 at the aerospace supplier Collins Aerospace over the next 3 years.

Global aerospace and defence firms such as Airbus, Rolls-Royce (OTC:RYCEY) Holdings and Lockheed Martin (NYSE:LMT) also have technology and engineering operations in India. These units are known as global capability centres (GCCs) and support the companies in their daily operations, and research and development, among others.

"India, from an RTX perspective, is not a low-cost destination. It is our talent hub. We have around 150 global roles, running their teams sitting out of India. Our biggest export is our talent," said Collins Aerospace Vice President of Engineering Savyasachi Srinivas on Tuesday.

Collins Aerospace, which manufactures evacuation slides, cabin and pilot seats, and avionic sensors in India primarily for export, also plans to operate from a larger factory in the southern city of Bengaluru in 2026 after consolidating three manufacturing sites, Srinivas said.

The market size of India's GCCs is expected to grow to $99 billion-$105 billion by fiscal 2030 from $64.6 billion in fiscal 2024, according to a report by IT industry body Nasscom and consulting firm Zinnov.

"Our (India) centre works as a hub in enabling global teams through digital transformation, data analytics, and working on small language models (SLMs) and large language models (LLMs) for easier maintenance and inspections," said Jayant Mukherjee, the head of Asia-Pacific and India Digital Capability Center at Pratt & Whitney on Tuesday.

In keeping with the global trend, the Bengaluru-based centre wants to reduce its dependence on outsourcing firms and do more technology work in-house to retain talent and protect intellectual property rights.

© Reuters. FILE PHOTO: Signage for RTX is seen during the Association of the United States Army annual meeting and exposition at the Walter E. Washington Convention Center in Washington, U.S., October 14, 2024. REUTERS/Nathan Howard/File Photo

"We can't become 0% dependent on outsourcing partners," said Mukherjee, who hopes his centre can get at least 55% of technology work done in-house over the next three years from about a third currently.

Pratt & Whitney has signed outsourcing deals with Cyient and DXC Technology (NYSE:DXC) in the past. RTX emerged from a $121 billion combination of United Technologies (NYSE:RTX) and Raytheon (NYSE:RTN) in 2020.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.