Siemens, a global powerhouse in electronics and electrical engineering, has announced that the company will invest more than Rs 1600 crore in India over the next three years. A major part of this will be invested to set footprints in the renewable energy market and to expand presence in value priced products.
“Our goal is to strengthen our position as the leading provider of green infrastructure solutions in India’s booming market,” said Peter Loescher, president and CEO of Siemens AG, in New Delhi recently.
The company will be investing Rs 500 crore over the next three years to build high end technology wind turbines for the Indian market. The fist of these turbines should ship in 2012. Also, Siemens will make India a major centre for value-priced products. It will establish six new hubs in India, responsible for the design, development, production and sales of these products for India and for the world market.
The goal is to generate total revenue of about Rs 6500 crore by fiscal 2020 with value priced products from India.
Meanwhile, Siemens has received an order from Power Grid Corporation of India to construct a new 765 / 400 kV substation at Meerut (Uttar Pradesh) and augmentation of substations at Mandola (Uttar Pradesh) and Baalabgarh (Haryana).
The company 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 approx. Rs. 100 crore.
