 "Wind Power, Renewable Energy, Green Energy, Clean Energy")
Shares of Hitachi Energy were buzzing in trade on Thursday as they soared as much as 18.89 per cent to hit a fresh record high of Rs 9,765.30 per share, driven by expansion plans. On the other hand, S&P BSE 500 was trading 0.21 per cent higher at 74,010.29 levels, as of 1:02 PM.
Hitachi Energy intends to establish additional global capability centres (GCCs) in India to bolster its local operations in response to escalating energy demand and the government's focus on expanding renewable energy generation, according to Reuters.
Headquartered in Zurich, Hitachi Energy specialises in manufacturing transformers and large-scale power transmitters.
Venu Nuguri, the managing director and CEO of Hitachi Energy's India unit, disclosed plans to potentially establish a GCC in Hyderabad and Pune within the next six months to a year.
The new GCC, designed as a cost-effective offshore facility, will operate in conjunction with Hitachi Energy India but will function as a distinct entity under Hitachi Energy in Switzerland.
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The precise location(s) will be determined based on demand considerations. Nuguri, however, did not disclose financial specifics regarding the investment, the report said.
Last year, the government launched incentives for green energy transition, with an aim to have 500 GW of installed capacity through non-fossil fuel sources by 2030.
India's power consumption rose 8 per cent in fiscal year 2023. Since the demand is higher in the country, Nuguri stressed that meeting the anticipated surge in demand will necessitate a considerable increase in electricity generation, potentially tripling or quadrupling current levels.
Consequently, Hitachi Energy anticipates a proportional growth in its order book, potentially exceeding the pace of market expansion. As of fiscal year 2023, the company's order backlog stood at Rs 7200 crore, Nuguri said.
The market capitalisation of Hitachi Energy is Rs 39,478.53 crore, according to Bombay Stock Exchange.
At 1:02 PM, shares of Hitachi Energy were trading 13.81 per cent higher at Rs 9,347.95 per share.
