Hitachi Energy Plans New Global Capability Centres in India Amid Rising Demand

ENA Sectors 2024-04-25 13:56:30 New Delhi, Apr 25 (KNN) Hitachi Energy, the Swiss-based maker of transformers and power transmission equipment, is looking to open additional global capability centres (GCCs) in India to expand its local operations. The move comes amid rising energy demand and India's push to scale up renewable energy generation. We are looking at Hyderabad and also Pune for our new GCCs. It might take six months to one year, said Venu Nuguri, managing director and CEO of Hitachi Energy India, reported ET. The new low-cost, offshore centres will work alongside but separately from the company's existing India operations. India has set a target of 500 gigawatts of installed renewable energy capacity by 2030 as part of its green energy transition efforts. Power consumption grew 8 per cent in fiscal 2023, and the International Energy Agency forecasts electricity demand growth over the next three years equivalent to the current consumption of the United Kingdom. To meet the projected demand, the market needs to generate at least 3-4 times more than what is being done. And accordingly, our order book will also grow two or three times higher than market growth, Nuguri stated. Hitachi Energy India had an order backlog of 72 billion rupees (USD 864.7 million) as of fiscal 2023. The new GCCs in India will be part of a separate non-listed Hitachi Energy entity based in Switzerland, supporting the company's global operations. Financial details of the investment were not disclosed. (KNN Bureau) 37550 https://knnindia.co.in/news/newsdetails/sectors/hitachi-energy-plans-new-global-capability-centres-in-india-amid-rising-demand 2024-04-25 13:56:30 knnindia.co.in Hitachi Energy Plans New Global Capability Centres in India Amid Rising Demand