Siemens to invest over Rs 1,600 cr
Global technology giant Siemens will invest more than Rs 1,600 crore in India over the next three years, mainly on green technology, reports HT Correspondent.business Updated: Feb 02, 2010 22:14 IST
Global technology giant Siemens will invest more than Rs 1,600 crore in India over the next three years, mainly on green technology.
“We will venture into wind turbine manufacturing and have identified sites in Tamil Nadu and Gujarat. We are in discussion with state governments and the site will be finalised in next two to three weeks,” Peter Loscher, president and chief executive officer, Siemens, said at a press conference in the Capital on Monday.
Siemens will invest Rs 500 crore in the next three years to build high-end technology wind turbines for the Indian market, Loscher said. The first of these turbines will be manufactured by 2012. “We want to generate 25 per cent revenues through green technology,” he said.
The company will start with manufacturing turbines to generate 200 megawatt (MW) of power initially and ramp up production to 500 MW. Siemens will also look at the infrastructure sector, especially ports and roads. “India is poised for a huge infrastructure push... There is huge opportunity in this sector,” Loscher said.
According to industry estimates, the country will need an estimated investment of $20 to 50 billion (Rs 115,000 crore to 230,000 crore) in ports, about $60–100 billion (Rs 276,000 to 460,000 crore) in highways and about $10 billion (Rs 46,000 to 96,000 crore) in airports over the next five years.
On airport infrastructure, Loscher said, “Airports are our target segment. India will have 200 airports by 2020 and Siemens will be in the race. We can provide end-to-end solutions from ground handling to infotech.”
The company plans to hire about 25,000 personnel by 2012 as it to expand its operations in India on a massive scale. At present, Siemens employs about 16,800 people in 19 of its facilities across the country.