German engineering conglomerate, Siemens, announced the launch of a new vertical called ‘Infrastructure & Cities’ at a conference in the capital on Saturday.
The launch is slated for October. It will offer products and solutions for cities around the world, according to Peter Loescher, president and chief executive officer Solar energy is another market the company is exploring in India.
Infrastructure & Cities will be the fourth segment of the Siemens Group, after energy, industry and healthcare.
The project will include building solutions, mobility vehicles, smart grid applications, among others, for major cities in India. “We have 3,000 employees on board, and we hope to generate business volume of euro500 million (from this)”, said Loescher.
The Germany-based company also aims at providing solutions for energy efficiency in houses, to bring down power consumption by 30 per cent. “India has the problem of power shortage and green buildings will reduce energy consumption in India,” pointed out Armin Bruck, managing director, Siemens India.
Loescher called India an important growth market, with a talent pool. The group’s revenue in India grew three times over the last five years (2005-10) from euro0.6 billion to euro1.9 billion, a growth of 25 per cent per year. “We will invest euro250 million in the next three years in the country for products and solutions which fit the needs of India,” he added.
The engineering conglomerate plans to venture into the solar energy market in the country as well. “Discussions have started, but it is at a very early stage,” said Loescher.