Toshiba to invest Rs3,000 cr in India over 5 years
15 February 2014
Japanese engineering and electronics company Toshiba Corporation proposes to invest over Rs3,000 crore in India over the next five years to boost its presence in energy transmission and distribution equipment, energy-efficiency and software development businesses.
Toshiba will position India as an export hub for markets such as Southeast Asia, West Asia and Africa, especially in thermal power, energy equipment, water treatment and software development businesses, chief executive officer Hisao Tanaka said in a statement.
''For Toshiba, India is important not only as a market, but also as a strategic export and development base with highly talented people. Toshiba will position India as a strategic world business hub in its thermal power, energy transmission and distribution equipment, water and waste-water treatment, and software development businesses.''
The company will hire 5,000 people in India over the period, taking its total employee strength in the country to 8,000 as it ramps up capacities in the third largest economy in Asia, he said Toshiba said it is aiming at sales of Rs18,000 crore in India by 2016-17, about seven times from the current level.
''Over 70 per cent of the sales growth and employment creation will come from infrastructure and power businesses,'' he added.
Tanaka said Toshiba will make additional investment in enhancing the company's R&D capabilities in India and will look at partnerships with Indian companies.
The company at present has two joint ventures, Toshiba JSW Power Systems and Toshiba Johnson Elevators India. In December 2013, Toshiba acquired Vijai Electricals' power transmission and distribution business to form Toshiba Transmission & Distribution Systems (India).
The company is also eying India's growing market for renewable energy. ''India is a very attractive market and we see a huge potential here. In the future, we would like to harness the opportunity in the Indian renewable energy market,'' he said.