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US defence contractor Lockheed Martin Corporation is looking at the possibility of making some new commercial products in India for the global market to cut development time and cost, a company official said on Friday.
Royce Caplinger, managing director, India, Lockheed Martin, said research and development in the United States for new products took a longer time and a lot of money.
"Increasingly in the global economy where we live, you don't have the luxury of taking 20 years to bring a product to marketplace," he said, adding that the products needed to be made at a cheaper cost.
"We are hoping that India will be one of the places we can do that," he told a press conference in New Delhi.
Caplinger, however, declined to give the nature of products to be made in India but indicated that it would not be for defence sector, saying, 'defence is a different beast.'
"We are approaching India on a very broad front," he said. "We are looking at business opportunity. What's the thing we can do in India that we can take to the global marketplace."
The $39.6 billion company was looking to make products in India that would be cheaper and better to compete in the global marketplace, he said.
Senior vice president and chief technology officer of Lockheed Ray O Johnson said the company would explore possibilities of setting up an R & D centre in India to leverage the engineering talent pool.