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Copyright dpa |
February 03, 2010
German electronics manufacturer Siemens announced plans Tuesday, February 2, to invest over 250 million euro in India by 2012, doubling its yearly investment in the country's growing economy.
Most of the new investment would go into renewable energy products and so-called value products from across the Siemens range, said chief executive officer Peter Loescher in New Delhi.
The company also plans to increase its Indian workforce from 17,000 to 25,000 in the same period, it announced at its first board meeting to be held in the Indian capital. Analysts expect the Indian economy to grow 7 per cent this year, and 8 per cent in 2010.
"Our goal is to strengthen our position as the leading provider of green infrastructure solutions in India's booming market," Loescher said.
Siemens has a 140-long history in the subcontinent. The company is active in several sectors including energy, healthcare and information technology.
The electronics manufacturer also plans to increase its workforce in India from 17,000 to 25,000 workers over the next two years.
Loescher said his company is ready to help India meet its goal of producing 20 per cent of its energy from renewable sources over the next decade.
By 2020, India hopes to produce 20 per cent of its energy from renewable sources, and Siemens aims to help reach that objective. "We have the products and the solutions that the country needs, and we want to expand our presence as green infrastructure provider in India," Loescher said.
Siemens plans to invest around 70 million euro to build a new wind turbine factory in India, it said. The company said its Indian branch has already taken orders worth 500 million euro, and the first turbines are scheduled to roll off the production line in two years' time.
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