Siemens to boost renewable investment in India

3 February 2010

Over the next three fiscal years until 2012, global electric giant Siemens said it intends to invest more than €250m in the country, doubling its current annual investments.

Siemens said that a major part of this will be invested in renewable energy and value-priced products business and that it wants to increase its market share in India to ten per cent by the year 2012. The company reported recently signed orders of over €500m primarily for energy technology.

‘India is already one of the growth drivers worldwide and will remain so in the future. We’ve been optimally positioned here for over 140 years and intend to further strengthen our position,’ said Peter Löscher, president and CEO of Siemens in New Delhi.

‘Like many other nations around the globe, India is facing a green revolution. We have the products and solutions for the country and we want to further expand our position as a green infrastructure provider in India,’ said Löscher.

One Siemens project involves an investment of approximately €70m in the construction of a wind turbine factory in India by 2012, with the first turbines scheduled to leave the plant in a little over two years.

Siemens also said it intends to invest in its value-priced products business, with six new centres of competence for value-priced products from all Siemens sectors to be established in India by the end of 2010.

The company said that plans call for the centres to manufacture a number of various products, including new products in the area of signalling technology as well as steam turbines. The centres will be responsible for the entire value chain from product design, development and production to sales and marketing in India and abroad, said Siemens.

‘India will become a major centre for value-priced products. By the year 2020, we intend to generate revenue of about €1bn with these products, both within the borders of India and beyond,’ said Armin Bruck, CEO of the Siemens regional company in India.

Experts forecast that the Indian economy will grow seven per cent in 2010 and eight per cent the following year. Currently around 30 per cent of India’s population has no access to power and the Indian government is planning to add 150GW over the next seven years. Twenty per cent of the country’s energy mix should be generated from renewable sources by the year 2020.

In the first few weeks of fiscal 2010, Siemens signed orders totalling more than €500m and said it plans to deliver power distribution technology to its customers Qatar General Electricity & Water Corporation and Power Grid Corporation.

Germany-headquartered electronics and electrical engineering company Siemens operates in the industry, energy and healthcare sectors. In fiscal 2009, its revenue totalled €76.7bn and its net income was €2.5bn.

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Tags: energy efficiency

This story was published on Wednesday, February 3rd, 2010 at 2:14 pm and is filed under Asia, deals, energy efficiency. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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