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India key to Siemens Asia plan
By agencies
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Friday, 02 December 2005, 20:30 IST
MUMBAI: German industrial conglomerate Siemens AG says India will emerge as a key market for the company.
President and CEO Klaus Kleinfeld said with 13 manufacturing facilities spread across the country, Siemens India was positioned to play a larger role in the parents strategy for Asia.
Kleinfield said, India is among the fastest growing economies in the world, with a large middle-class population and favorable demographics, which are huge demand drivers, he said.
Siemens AG, which is present in almost all sectors in India, is now planning to offer water technology solutions in the country after acquiring the U.S. based Filter.
Kleinfeld, on his second trip to the country with the managing committee said, We will be rolling out (the water technology solutions) in all the regions. India is one of the major target markets.
He said India is one of the biggest growth markets for the company with a sales growth of 40 percent in the year, on a par with the growth rate notched up by its Chinese operations.