Register to Subscribe



Home arrow Business News arrow Siemens to invest more than Rs. 1,600 crores in India over next three years
Siemens to invest more than Rs. 1,600 crores in India over next three years Print E-mail
Written by Anand   
Wednesday, 03 February 2010

Mumbai: Siemens will invest more than Rs. 1,600 crores in India over the next three years and a major part of this will be invested to set footprints in the renewable energy market and to expand presence in value priced products.

It will establish six new hubs in India, responsible for the design, development, production and sale of these products for India and for the world market. The goal is to generate total revenue of about Rs. 6,500 crores by fiscal 2020 with value priced products from India. To support its growth plans, the company will also strengthen its workforce in the country from 17,000 to 25,000 by 2012.

Four of the six new hubs will be Centres of Competence for the products such as ‘Low End Signaling System’, ‘Ring Main Units’, ‘Steam Turbine greater than 45MW’ and ‘Iron & Steel Making Equipment’. Siemens Ltd. will be responsible for manufacturing these products and supplying them to the world market. The other two Centres of Competence in India will be ‘Wind Power Engineering’ and ‘EPC Execution for Full Turnkey Power Plants Solution’.

Siemens will be investing Rs. 500 crores over the next three years to build high end technology wind turbines for the Indian market. The first of these turbines should ship in 2012.

“Our goal is to strengthen our position as the leading provider of green infrastructure solutions in India's booming market,” said Mr. Peter Loescher, President and CEO of Siemens AG, in New Delhi during the Siemens Managing Board meeting in India. Mr. Loescher said, “The growth of India and other emerging countries is remarkable. These countries will prosper in 2010 and beyond. India has the people, the products, and the innovation power. And that’s why we’re expanding our presence here.”

Speaking on the occasion, Dr. Armin Bruck, Managing Director, Siemens Ltd. said, “We are committed to expand our portfolio in the country. I am particularly pleased that we are leveraging India’s competencies by establishing six hubs for value-priced products with responsibility for global markets. We are confident we will meet the expectations.”

Siemens currently has 19 manufacturing plants, a network of around 500 channel partners and employs about 16,800 people. It provides industry and infrastructure solutions with a business volume aggregating about Rs. 12,000 crore.

New orders

Siemens Ltd. has received a contract from Power Grid Corporation of India Ltd. to construct a new 765/400kV substation at Meerut and augmentation of substations at Mandola (Uttar Pradesh) and Baalabgarh (Haryana). Siemens will supply the high-end technology products such as circuit breakers, current transformers, capacitor voltage transformers, disconnectors, surge arrestors and solutions like substation automation. The order will be commissioned in January 2011 and has a value of more than Rs. 100 crore. Besides this new order, Siemens is currently implementing four contracts for Power Grid worth Rs. 673 crore to provide 765kV substations, new voltage adopted by Power Grid, to transmit AC power over long distances.

In addition, Siemens signed a Memorandum of Understanding with Bharat Earth Movers Ltd. (BEML) for supply of stainless steel Electrical Multiple-Units (EMU) equipped with energy efficient three phase electrics and high performance bogies to be built by Siemens. The EMU coaches will be built by BEML at their Bangalore plant and will be supplied to Indian Railways for Mumbai and other cities. The value of this agreement was not assigned.

Siemens Ltd. in which Siemens AG holds 55.18% of the capital is the flagship listed company of Siemens AG in India.

 
Related news
More recent
Earlier on
< Prev   Next >

Sponsors

Mazak - The world's largest machine tool builder
JYOTI - India's most dynamic machine builder
TaeguTec - Cost effective tooling solutions
Advertisement

<< SHARE

Social

AD

Subscribe

Subscribe to MACHINIST by Email

Search

 
RSS 1.0
© 2014 MACHINIST
This site is best viewed with Firefox 2.0 or higher at a minimum screen resolution of 1024x768