Siemens eyes India's growth market and why not!
The company's Indian subsidiary, Siemens Ltd, notably reported an 18% increase in sales to 179.7 billion Indian rupees ($2.17 billion) in the past year, according to its annual report.
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Siemens is expressing strong optimism regarding its future endeavors in India, according to Matthias Rebellius, a managing board member of the company. Rebellius, who heads Siemens' Smart Infrastructure business, emphasized India's significance as an investment priority due to its ongoing advancements in upgrading the electric grid and expanding renewable energy initiatives.
"We are very positive about India, and it stands as one of our primary growth markets," Rebellius stated in an interview with Reuters.
He highlighted the burgeoning opportunities in India and other parts of Asia, attributing their attractiveness not only to Siemens but also to other companies seeking to diversify away from China amidst its slowing growth, particularly evident in the property sector and external demand.
Siemens envisions potential in various sectors within India, beyond transportation, including grid upgrades and components for solar projects, Rebellius added.
The company's Indian subsidiary, Siemens Ltd, notably reported an 18% increase in sales to 179.7 billion Indian rupees ($2.17 billion) in the past year, according to its annual report. Siemens recently raised its ownership stake in the unit to 69%, excluding Siemens Healthineers but incorporating Siemens Energy assets.
Rebellius acknowledged that while India may not supplant China as Siemens' third-largest market, it is poised to attract more investments from the company in the future.
On a global scale, Siemens' Smart Infrastructure division is experiencing a rebound in ordering patterns following the disruptions caused by the COVID-19 pandemic, with Rebellius noting the end of the destocking trend.
In a move towards sustainability, Siemens introduced a new sustainability label called "Siemens EcoTech," providing consumers with comprehensive information about product materials, production processes, design considerations, and lifecycle implications. Rebellius highlighted the growing customer demand for such transparency and indicated that products featuring the label, including a new electronic circuit protection device, are expected to boost sales while maintaining price stability.
Overall, Siemens remains optimistic about its prospects in India and globally, with a focus on growth, innovation, and sustainability.
