Siemens to invest 250 mln euro in India

Siemens to invest 250 mln euro in India

The company, which is targeting sales of USD 1 billion from baseline products, that are no-frills items with less features compared to those sold in some of the advanced markets by the firm, said it would invest the capital in factories, hiring people and R&D and localsourcing.

"Until 2020, we want to have around 60 baseline products in Indian market. We are investing 250 million euro for that," Siemens AG spokesman Bernd Etitel told reporters here.

Stating that India and China are the major pillars of growth for manufacturing as well as sales during the coming decade, Etitel said the global strategy of the company is based out of major focus on India.

"We are looking at a bigger share of workforce and also jump in revenue from Indian markets in the coming years," he said. The company has already launched 10 products, including X Ray and circuit breaker in the Indian market.

"We are also looking at the possibility of exporting these baseline products from India to other countries for which a strategy was being worked out. We see very strong growth happening in emerging markets and India and china were going to be the focus in the coming years," he added.

Commenting on revenue targets, he said: "By 2020,we are looking at USD 1 billion of sales revenues from base line products from Indian market." He, however, did not share the company's current revenue in India.

Asked about the area of investments, Etitel said it would be on factories, hiring people and R&D and local sourcing for verticals like healthcare, infrastructure and renewable energy.

Etitel also said at present nearly 17,000 personnel were working for Siemens in India.