Hitachi’s Indian arm is aiming to become a major growth engine for the Japanese conglomerate, targeting a USD 20 billion contribution to its parent’s revenue by 2030.
This ambitious goal was revealed by Bharat Kaushal, Hitachi India’s managing director, at the World Economic Forum.
India’s growing importance as a global hub for component and capital goods manufacturing is driving this expansion.
Hitachi India’s rail and power businesses are expected to lead the charge, leveraging India’s expertise to not only serve the domestic market but also contribute to projects globally, including in the US.
Further expansion in North America, particularly with the ongoing Baltimore rail deal, is also part of the plan.
Notably, Hitachi India is already a significant contributor to the ASEAN-India region, accounting for 9.4 per cent of the group’s total revenue in fiscal 2023.
India’s surging energy demand and green energy push, including tax cuts for electric vehicles and solar panels, are creating a perfect storm for growth in the power sector.
This benefits transmission companies like Hitachi Energy, which has bagged a major project to integrate renewable energy into the national grid.
