Siemens To Invest More Than €250M In India
February 8, 2010 by Solar Power Engineering
Filed under Hot Solar Power Topics, Industry News, Policies & Projects
As it profits from ongoing growth in the emerging nations, Siemens is seeking to significantly expand its investment in India. Experts forecast that the Indian economy, for example, will grow seven percent in 2010 and eight percent the following year. Over the next three fiscal years through 2012, Siemens intends to invest more than €250 million in the country, thereby doubling its current annual investments. A major part of this will be invested in renewable energy and value-priced products business. The company also wants to increase its market share in India to ten percent by the year 2012. With recently signed orders totaling over €500 million, primarily for energy technology, Siemens is well on its way.
The country’s power supply is of particular concern to the Indian government. Currently about 30 percent of India’s population has no access to power, which is why the Indian government is planning to add 150 gigawatts over the next seven years – an amount equal to Germany’s entire installed capacity. In addition, 20 percent of the energy mix should be generated from renewable sources by the year 2020. One Siemens project involves an investment of approximately €70 million in the construction of a wind turbine factory in India by 2012. The first turbines are scheduled to leave the plant in a little over two years.
Siemens also intends to invest in its value-priced products business. Six new centers of competence for value-priced products from all Siemens Sectors will be established in India by the end of 2010. Plans call for the centers to manufacture a number of various products, including new products in the area of signaling technology as well as steam turbines. These centers will also beresponsible for the entire value chain, from product design, development and production to sales and marketing in India and abroad.
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