The Munich-based conglomerate Siemens is planning an extensive expansion of its Indian operations, taking cue of the economy’s amazing growth this year and projected growth for the next.
The German corporation is proposing to double its annual investment in India to $348 million (€250 million). Most of the new investment would be in the energy sector.
Siemens’ chief executive Peter Loescher said, “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.”
One of the prime reasons for the expansion plan is the potential India offers in the energy scene. Siemens estimates that almost 30% of Indians do not have access to power. Indian government is already planning to increase the energy production by another 150 gigawatts to meet the energy needs of the country.
Indian energy sector offers immense ambit for Siemens, as by the year 2020, government is proposing that 20% of total energy production in the country should be from renewable sources. Siemens’ position as a leader in renewable energy is ideal to meet India’s energy demands.
Siemens range of products in the energy sector includes light bulbs to wind turbines. The company’s expertise in the wind turbine technology and solar power will come in useful in its India operations.
The proposed sites for wind farms are Tamilnadu or Gujarat, according to Armin Bruck, managing director Siemens, Mumbai. The company is also planning to expand its workforce by 50%, even as it is downsizing its German operations.
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