Hitachi Energy to invest $250 million in India over five years

Switzerland-based Hitachi Energy is looking to invest about $250 million (about Rs2,000 crore) in India over the next five years, the company said in a statement.

The investment will be part of the company’s larger $6 billion investment plans in manufacturing, engineering, digital, research and development, and partnerships across major markets, the company added.

In India, the company plans to use the funds to expand capacity, portfolio, and talent base “to support the accelerating global demand for clean energy solutions.”

“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,” Andreas Schierenbeck, global chief executive officer at Hitachi Energy said.

“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,” Schierenbeck said.

“We have been continuously investing in India over the past seven-and-a-half decades. The new investments are geared toward expanding and upgrading capacity and talent, strengthening supply chain and enabling flexibility through digitalization in line with the Hitachi Energy 2030 strategic growth plan,” he added.

From Hindustan Electric to Hindustan Brown Boveri, ABB Power Grids, Hitachi ABB Power Grids, and now Hitachi Energy – the company has played a key role in India’s energy transition since 1949, the statement said

The company is holding a two-day Energy and Digital World 75 (EDW75) summit in New Delhi between 7-8 October to mark 75 years of its operations in India. The event was inaugurated by Schierenbeck, India’s G20 Sherpa Amitabh Kant; and N. Venu, managing director and CEO of Hitachi Energy India & South Asia.

Hitachi Energy is a Swiss-based company, formed after Hitachi Ltd (a Japanese company) acquired the power grids business of ABB, a Switzerland-based company. While the parent company, Hitachi Ltd, is Japanese, Hitachi Energy is headquartered in Switzerland.