Siemens to invest $346 Million in India's renewable sector
Thursday, 04 February 2010, 18:45 IST
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Bangalore: In order to expand its presence in the country, Siemens plans to invest $346 million in India's renewable sector over the next three years. In an interview with the Financial Times Peter Loscher, Chief Executive of Siemens, said the firm will increase its Indian employee strength by about 50 percent to 25,000 people. About a third of the new investment would be directed towards the development of wind turbine technology with an expected product launch by 2012, with some of the money going towards solar development also. "We are taking advantage of the Indian growth opportunity and adding specifically tailored products. These are in addition to our high-end technology global portfolio," Loscher said. India already has 10,000 megawatt of wind capacity and is considered to be one the fastest growing markets in the world. India is currently considering adopting official renewable energy targets. The government also recently unveiled a plan to give out $5 billion in subsidies to utilities every year for the next 20 years for solar power.

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