The Switzerland-headquartered company has been investing more in India over the last few years. With the surge in renewable energy demanding more manufacturing capabilities and technological prowess from companies, it is likely to be a rewarding, yet challenging, path ahead
Andreas Schierenbeck recalls an old joke. Losing $6 billion is easy, he says, but investing the same amount in projects and making money out of it is a different ballgame. It takes a lot of getting used to.
Schierencbeck, global CEO of Switzerland-headquartered Hitachi Energy who was in Delhi earlier this year, says this in the context of the new Rs 2,000 crore (around $250 million) investment the company is making in India over the next five years.
The company, which operates in the power sector and is in the business of making transformers, high-voltage products, and providing solutions for grid integration and automation, has been investing in India steadily over the past few years, adds N Venu, MD and CEO, India and South Asia, Hitachi Energy. He tells Forbes India that the new investment will mainly go towards expanding their manufacturing capabilities. This investment is going to be part of the larger $6 billion investment the company is making towards manufacturing, engineering, digital, R&D, and partnerships across major markets globally.
The company, which is celebrating its 75th year in India, has 19 manufacturing units across eight locations, employing close to 7,000 people. They are looking to add 30 percent more to the workforce, Venu says, as part of which they are collaborating with academic institutions to drive skilling programmes, and providing internships.
The key focus areas for Hitachi Energy in India include building power transmission systems, especially high-voltage direct current (HVDC) technology for which it is one of the leading suppliers in India, charging solutions for electric mobility, and grid transmission solutions for renewable energy projects, particularly upcoming offshore wind energy projects.