Siemens banks on India's growth moves towards sustainability

14 Mar 2024 CW Team

Siemens, the German engineering major is placing its bets on India's economic expansion, as well as its swift movement towards digitalisation and sustainability. They believe that these trends, which are gaining momentum, will drive the company's growth in the years to come.

Sunil Mathur, the managing director of Siemens, the Indian-listed unit of the firm, mentioned that the company will be focusing keenly on expanding into new sectors, either through organic growth or through mergers and acquisitions. He stated, The business opportunities are emerging, and the board is now beginning to assess the viability of these opportunities and allocating capital accordingly, depending on the market's evolution. They continually challenge me to identify fresh investment prospects.

Mathur further explained, We completed the acquisition of C&S Electric, as well as Mass-Tech's electric vehicle division. Additionally, the board has greenlit our entry into rolling stock. This marks a significant investment in the railways sector. He elaborated that Siemens secured a 3-billion-euro order for locomotives, a venture that wasn't previously in their portfolio.

Siemens acquired the Indian business of C&S Electric in 2021 and Mass-Tech's electric vehicle division last year. These moves were strategic bets on the increasing demand for electrification and the growing adoption of electric vehicles in India. Furthermore, the company's mobility division clinched a contract with Indian Railways last year to supply 1,200 electric locomotive engines.

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