Hitachi Energy has pledged to invest $250m (INR2000 crores) in its operations in India over the next five years, contingent on continuing current underlying trends.
The investment will be allocated to increasing capacity of a large power transformers factory, upgraded testing capabilities for specialty transformers at the company’s small power transformers factory and the relocation of the bushings factory.
The investments are “crucial” to further develop the country’s transmission projects to meet increasing energy demands and growing renewables capacity.
This investment is part of the company’s larger $6bn investment plans in manufacturing, engineering, digital, R&D, and partnerships across all major markets globally.
“The energy challenge before us is bigger than one company, one team, and one individual. As the energy transition gathers pace with increased electrification and integration of renewables, power grids are becoming increasingly significant both from a capacity and complexity perspective.
“We remain focused on advancing a sustainable energy future for all and India is an important market in our effort to make the world’s energy system more sustainable, flexible, and secure,” said Andreas Schierenbeck, Global CEO of Hitachi Energy.