Eaton expects its India sales to treble to US$500m by 2015, aided by a strong domestic market and steady economic growth, its chief executive has said.

Alexander Cutler, who is visiting the Indian capital city, told Reuters: "India will be an important part of our goal of generating 30% of our sales from emerging markets...India is critical to our growth," Cutler said.

The diversified industrial firm, which has been on an aggressive acquisition spree in the past year, is also looking at buying Indian companies, Cutler said, without elaborating on potential targets, or a timeline.

Eaton is the latest in a series of foreign companies betting on a bullish outlook for Asia's third-largest economy, which is growing at over 8.5 percent. With the government focusing more on infrastructure projects, India presents a strong growth opportunity for global manufacturers, the report noted.

"We are excited about participating in the development of India's infrastructure and in its manufacturing, transportation and power industries," Cutler said.

Eaton will expand its research and development centre in India and will add 200 employees to its engineering and other professional services.

Eaton products include car and truck parts.