Japanese engineering and electronics company Toshiba Corporation said it will invest over US$ 484.1M (Rs. 3,000 crore) in India over the next five years in energy transmission and distribution equipment, energy-efficiency and software development businesses. The company will hire 5,000 people in India over the period,
Japanese engineering and electronics company Toshiba Corporation said it will invest over US$ 484.1M (Rs. 3,000 crore) in India over the next five years in energy transmission and distribution equipment, energy-efficiency and software development businesses.
The company will hire 5,000 people in India over the period, as it will ramp up capacities and also develop the third largest economy in Asia as an export hub for markets for such as South-East Asia, West Asia and Africa.
Toshiba President and CEO Hisao Tanaka, who is on his maiden visit to India, told reporters: “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.”
“Over 70% 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 other partnerships with Indian companies.
At present, its joint ventures in India include Toshiba JSW Power Systems and Toshiba Johnson Elevators India. It had acquired Vijai Electricals power transmission and distribution business in December 2013 to form Toshiba Transmission & Distribution Systems (India).
The company may explore the renewable energy market. “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.