Hitachi Energy India plans Rs 2,000 crore investment in energy projects | Company News
BSE-listed Hitachi Energy India, the Indian arm of Zurich-headquartered Hitachi Energy, will invest Rs 2,000 crore in the coming four-five years to develop energy transmission and energy transition products, its senior management said on Monday.
Andreas Schierenbeck, global chief executive officer of Hitachi Energy, said, “We have been continuously investing in India over the past seven and a half decades. The new investments are geared towards expanding and upgrading capacity and talent, strengthening supply chain, and enabling flexibility through digitalisation in line with the Hitachi Energy 2030 strategic growth plan.”
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The key focus areas for the company in India would be building power transmission systems, especially high-voltage direct current (HVDC) technology for which it is the only supplier in India, charging solutions for electric mobility, and grid transmission solutions for renewable energy projects, especially upcoming offshore wind energy.
N Venu, managing director and chief executive officer of Hitachi Energy India, during his presentation on Monday, outlined the Rs 2,000 crore business plan into six segments: large and small transformers, dry and traction transformers, insulation components, HVDC and STATCOM, network control solutions, and development and manufacturing of its trademark Grid eXpand and Grid eMotion technology.
“These investments anticipate India’s future energy requirement—to accelerate new energy transition and sustainable electrification—and the evolving nature of collaboration with customers and other stakeholders locally and in global markets, especially through digitalisation and a lifecycle partner. It further strengthens our vision of ‘Make in India for India and the rest of the world’,” Venu said.
He added that Hitachi has more than a dozen manufacturing units in India and will scale them up and add more units to spur future growth. “We are also nurturing our supply chain in India. We are partnering with micro, small, and medium enterprises (MSMEs) to scale up component supply in line with the demand forecast,” Venu said.
First Published: Oct 07 2024 | 6:54 PM IST
