Siemens plans to invest more than €250m (£157m) in building up its operations in India over the next three years, doubling its current annual investments there.
India’s power supply is of particular concern to the Indian government. Currently about 30 per cent of India’s population has no access to power, which is why the Indian government is planning to add 150GW over the next seven years – an amount equal to Germany’s entire installed capacity.
In addition, 20 per cent of the energy mix should be generated from renewable sources by the year 2020.
One Siemens project involves an investment of approximately €70m 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 so-called ’value-priced’ products business by establishing six new centres by the end of 2010 that will manufacture a number of products, including signalling systems and steam turbines.
The centres will be responsible for product design, development and production as well as sales and marketing in India and abroad.
’India will become a major centre for value-priced products. By the year 2020, we intend to generate revenue of about €1bn with these products – both within the borders of India and beyond,’ said Armin Bruck, chief executive of Siemens India.