Home News UPDATE: Siemens plans to invest over EUR 250 million in India

UPDATE: Siemens plans to invest over EUR 250 million in India


By Ankur RELIA and Prasenjit Bhattacharya

NEW DELHI (Dow Jones) – The Munich-based technology company Siemens plans to invest about 250 million EUR by 2012 in India. A Most of the sum should in the business of renewable energy and flow with mid-priced products, said the DAX Group on Tuesday. In addition, the company wants its share in India by 2012, increasing to 10%.

The Indian government wants According to Siemens over the next seven Years to install an additional 150 gigawatts of power. That translates into roughly the total power capacity in Germany. To 2020, Moreover, 20% of the electricity generated from renewable sources. "India is today one of the world’s growth engine and will be in the future, "said CEO Peter Quencher, according to communication. But around 70 million EUR will in the next three Years in the construction of a plant for wind turbine flow.

A major focus of investment forms alongside the Business with products in the medium price, as the company continues announced. Here, Siemens plans to end 2010 in India, six new To create centers of excellence. Among other things, there are new products in the field of Signaling or steam turbines caused. "2020 we want with them Products around EUR 1 billion to sales in India and also about the Country’s borders, "said Armin Bruck, Managing Director Indian subsidiary of Siemens Ltd. added.

Experts say the Indian economy for the current Year, according to Siemens Growth values of 7% and for 2011 of 8% ahead. "India is like many other nations in front of a green Revolution, "added quencher. The company was the number of Employees in India by end 2012 is expected to 25,000 from 17,000 currently increase. Plans, foreign jobs in the Shift production to India that there was not, then the CEO. In Germany, the company had only last Thursday Announced reductions of 2,000 positions. As mentioned in reason, Siemens the near future, pending adjustments to the structure and capacity Industrial sector.

Siemens is in India in the engineering business, Medicine, telecommunications and information technology use. In recent weeks the group in India have already placed orders with a volume receive more than EUR 500 million – mainly in the field of Energy technology.

Website: www.siemens.com

-By Ankur RELIA and Prasenjit Bhattacharya, Dow Jones Newswires
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February 02, 2010 05:41 ET (10:41 GMT)

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