The Japanese electronics and telecommunications giant, Hitachi, has upped the ante for its business expansion in India as it eyes to double revenues from the country and is keen to acquire firms to grab marketshare in a short span of time.
Hitachi has realigned India as its separate region that reports directly to company's global headquarters in Tokyo.
"Over the next couple of years we expect to garner revenues of around Rs 12,000 crore (Yen 200 billion). This compares to Rs 5,400 crore (Yen 90 billion) revenues of Hitachi India for the last fiscal," said Ichiro Iino, managing director, Hitachi India.
Iino said mergers and acquisitions (M&As) would play a key role in rapid expansion of company's marketshare. "We need the local sales and engineering resources to capture the market in a very short period of time."
Iino refused to divulge further details about the expected deal size for acquisitions being planned. "The strategic fit companies would be bought over."
Iino has put his bets on the rapid infrastructure development and investments in India for company's business expansion. "We need the key component and key devices that support various industries under the social infrastructure business. So if there is a chance to expand those key devices to be manufactured in India then Hitachi would be certainly look at them (for acquisition)," Iino said.
He said the company is closely monitoring companies in sectors such as power, electronics and motors.
Hitachi's consolidated global revenues for last fiscal stood at Yen 9,315 billion (Rs 5,60,000 crore) of which India contributed a mere 1%. In comparison, China accounts for 13% of Hitachi's global revenues.