Source: Economic Times, 07 October 2021
German conglomerate Siemens AG is finalising its strategic plan for the next five years for India and its investments in the country are likely to be “more ambitious” than before, global chief executive Roland Busch said.
Siemens has invested close to Euro 1 billion in the past five years in India. The investments included its biggest ever acquisition in the country – a Rs 2,100 crore deal for electrical and electronic equipment maker C&S Electric – earlier this year.
Talking to ET, Busch said Siemens India, led by CEO Sunil Mathur, is preparing a detailed strategic plan for the country and will finalise the plans soon. “It will be more ambitious than the one before,” said Busch, who is also its global president.
Siemens has hiked its growth forecast for FY21 ended September to 11-12%, on a sharp recovery after the disruption caused by Covid. It expects growth to be around 5-7% in fiscal 2022.
Siemens reviewed its performance across businesses in different countries in January-February to assess growth rate over next five years. While the US and China seem to lead, India had potential to be a growth driver.