FRANKFURT
German industrial conglomerate Siemens AG said Tuesday it would double its annual investment in India to euro250 million ($348 million), as it continues to grow in emerging market economies.
Siemens, based in Munich, said it's expected that the Indian economy will grow 7 percent in 2010 and 8 percent in 2011 and that it wants to expand its market share to 10 percent by 2012. The bulk of the new investment will go to energy technology.
"India is already one of the growth drivers worldwide and will remain so in the future. We've been optimally positioned here for over 140 years and intend to further strengthen our position," Peter Loescher, Siemens' chief executive said in a statement.
Siemens said that currently about 30 percent of India's population has no access to power, which is why the Indian government is planning to add 150 gigawatts over the next seven years -- an amount equal to Germany's entire installed capacity. In addition, 20 percent of the energy mix should be generated from renewable sources by the year 2020.
Siemens is very active in the renewable energy field and also builds products ranging from light bulbs to high-speed trains.
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