Siemens to invest Rs1,800 crore in renewable energy in India

Siemens AG said it plans to invest Rs1,800 crore ($346 million) over the next three years in India,  mainly in  the renewable energy market, the company said in filing to the  Bombay Stock Exchange today.

Europe's biggest engineering conglomerate will be investing Rs500 crore over the next three years to build high end technology wind turbines for the Indian market. The first of these turbines is scheduled to be shipped in 2012.

''Our goal is to strengthen our position as the leading provider of green infrastructure solutions in India's booming market'' said. Peter Loescher, president and CEO of Siemens AG.

Siemens, based in Munich, Germany plans to make India a major centre for value-priced products by establishing six new hubs in India, responsible for the design, development, production and sale of these products for India and for the world market.

The company said that it wants to increase its market share in India to 10 per cent by 2012 and thereby generate a total revenue of about Rs8,500 crore by fiscal 2020 with value priced products from India.

Siemens AG expects the Indian economy to grow at 7 per cent in 2010 and 8 per cent in 2011 and wants to expand its market share to 10 per cent by 2012.