New Delhi, Nov 18 (IANS) US-based multinational company Honeywell plans to set up a new technology centre in India with an investment of $34 million.

'The centre will also include labs for process and applications development for other speciality materials technology areas, including fluorine products and nylon materials,' the company said in a release.

The centre is expected to employ 100 people in five years, it added.

Honeywell will invest $34 million in an existing property to develop the centre at Gurgaon.

'This centre will allow us to conduct development closer to our end customers, while at the same time tapping the recognised engineering talent of India,' said Andreas Kramvis, president and chief executive of Honeywell Specialty Materials.