German megacorporation Siemens is setting itself up to get a slice of the Indian market. The company plans to double its capital expenditure to €250 million and wants to create 8000 new jobs in the country.
Siemens' CEO Peter Löscher said he wants to grow the market share for infrastructure technologies, such as water plants and power, from the current five percent to 10 percent by 2012.
The workforce will expand from 17.000 to 25.000, reports the Financial Times Deutschland. Löscher was quoted as saying the growth rates of India and other developing countries were remarkable, which is why Siemens needed to expand its presence.
He added that every third Indian has no power connection, which is why the Indian government wants to add 150 gigawatts of power in the next seven years - the equivalent of the total power capacity in Germany.
Twenty percent of it is supposed to come from renewable energy sources - which is why Siemens will invest €70 million in the construction of a factory for wind turbines in India. Löscher, who is currently in New Delhi, said the first turbines are to be shipped in 2012.
Six new centres are currently in the planing phase and are supposed to develop and churn out signalling systems and steam turbines for the local market some time in the future. Löscher wants Siemens to have a revenue of €1 billion in India by 2020. Siemens won orders worth €500 million from the Indian government last week.