Hitachi's innovative and globally acclaimed technology has been fuelling the transformation of India. Hitachi's new Mid-term Management Plan 2024 aims to support people's quality of life with data and technology that fosters a sustainable society
Hitachi India, part of the Japanese conglomerate Hitachi, aims to work towards contributing USD 20 billion in the overall consolidated global revenue for the parent company by 2030 with a 'higher double-digit profit', said Managing Director Bharat Kaushal.
By 2030, Hitachi India aims to occupy an "influential position" across rail, energy, and digital, automotive businesses of the group, he said.
"Some of the horizontal enablers that support integrating technologies using digital as the catalyst including Artificial Intelligence (AI), hydrogen, and energy storage, will become an important growth driver. We aim to have a higher double-digit profit to the overall Hitachi's consolidated revenues," Kaushal told PTI.
India is increasingly emerging as a base to do business outside India, especially in capital goods, where the government has launched a lot of incentives for technology transfer, and funding it, allowing to keep the IPR and these are very significant steps. When asked about Hitachi India's revenue, Kaushal said: "We expect to contribute to Hitachi's economy by USD 20 billion".
The idea is that India will work towards contributing the above amount to the overall global revenue for Hitachi, he added. "Hitachi's innovative and globally acclaimed technology has been fuelling the transformation of India. Hitachi's new Mid-term Management Plan 2024 aims to support people's quality of life with data and technology that fosters a sustainable society," he said.
Hitachi has been playing a significant role in accelerating India's journey towards achieving a carbon-neutral environment. "Growing globally by digital, green, and innovation, Hitachi India will continue creating milestones across the globe. Hitachi operates in the infra, manufacturing and IT sectors among others.
In 2012, India was converted into a region. Hitachi has five regions outside Japan, of which two are large emerging countries of India and China, and the rest are the US, Europe and Asia. The other regions of Hitachi are presently bigger than India but Kaushal expects it to scale up. "Increasingly, the focus on India's importance in Hitachi is gathering momentum very significantly," he said adding, "it is coinciding with Japan and India trying to make more winners out of their economic engagement story."
The India solutions are not just about scale but also about affordability. The company is expanding its canvas of business proficiencies in the country. "Investments and acquisitions are ongoing progressive business plans for Hitachi to strengthen further its position in the ecosystem of Social Innovation Business," he said adding: "Our core areas as part of our forward-looking Mid-Term Management Plan 2024 will have a direct correlation to the future investments we carry out focusing on offering solutions including Green Technology, Digital Technology and Innovation."
Though Hitachi did not share the exact investment made in India, Kaushal said it has witnessed a "phenomenal growth progression" in the last couple of years."This is primarily due to the significant investments we have made at the global level that includes – the acquisition of the power grids business of ABB (Now Hitachi Energy), GlobalLogic, Hitachi Astemo etc. the investment within Hitachi is a globally driven process and we as Regional Headquarter become an integral part of this heightened ecosystem," he said. For FY21, Hitachi India's consolidated financial revenue was around Rs 17,204 crore (around 274 billion yen).