THL MD and CEO R Makhija said that the merger would offer new business opportunities for THL with a broader business portfolio and accelerated growth. ``We can look forward to an extended complimentary portfolio of offerings from a single source provider,'' Makhija said.

THL is a joint venture between Honeywell and Tata Industries and is into industrial automation and control and homes and building control. Makhija said that Honeywell and Tata Honeywell remained committed to the existing businesses in India.

The merger that combines the potential of two global players should ideally position the combined entity for enhanced revenue and growth, Makhija said.

THL has recorded an impressive performance this year with profits jumping 107 per cent and operating profit going up by 75 per cent. For year ended March 1999, THL'sturnover was Rs 232.17 crore. During the year, the company also acquired the exclusive rights for all Honeywell products business in India.