Japan's engineering and electronics major Hitachi would expand its construction machinery and power electronics products business in Africa, Middle East and South East Asia by making India a base for these segments.
The group, which plans to invest 70 billion Yen (Rs 4,700 crore) by the financial year 2015-16, would bolster the businesses supported by production for consumption in India by increasing localisation component, said Hitachi Executive Vice President and Executive Officer Junzo Nakajima.
"We would strengthen the partnership with the local India partners and as a part of that, human resource pool of the India would be utilised for that," said Nakajima.
Hitachi is expanding its Ahmedabad based Hitachi Hi-Rel Power Electronic Ltd, which produces industrial power electronics.
Moreover, the company is starting a new factory for power metallurgy and friction materials by Hitachi Chemical at Neemrana in Rajasthan. In Neemrana, Hitachi is also setting up its first solar power generation unit in India.
"We would have new R&D centre in Bangalore for construction machinery," he said, adding that Hitachi would also open a automotive device manufacturing facility in Chennai and the construction for this has been started.
"Keeping these bases in India, we would like to expand our business in Africa, Middle East and South East Asia," Nakajima said here during a press meet at Hitachi Social Innovation Forum.
Hitachi has so far invested approximately 35 billion Yen (Rs 2,300 crore) in India.
The group has recently acquired ATM services provider Prizm Payment Service. The company is looking to expand its footprint in the Indian IT sector through acquisitions.
"We would like to do more acquisitions like we have done in case of Prism. If you look at IT-related other acquisitions, in 2011 also we had acquired Hyderabad based Sierra Atlantic," he said adding that the group would continue to look at more such opportunities.
Moreover, Hitachi India Managing Director Ichiro Iino said the company would in January 2014 bid for the railway signalling systems of the Delhi-Mumbai section of the Dedicated Freight Corridor (DFC) project.
He further informed that Hitachi was seriously looking at an opportunity to supply nuclear power plants in India. It has a JV with US-based GE for its nuclear power business called as GE-Hitachi Nuclear Energy.
On Hitachi's growth in India this financial year, Iino said: "We expect the Hitachi India's revenue for financial year 2013 to grow in double digits."
In FY 2012-13, Hitachi's 59 per cent revenues came from Japan and 41 per cent from overseas. India's contribution was around 1 per cent. Hitachi is now aiming at least 50 per cent revenue to come from overseas by FY 2015-16 and to increase, India's share up to 3 per cent.
Source: Economic Times (http://articles.economictimes.indiatimes.com/2013-12-16/news/45256383_1_hitachi-india-indian-it-cent-revenue)
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