ABB to invest $100 million in India
Swedish-Swiss engineering group ABB said Monday it planned a rapid expansion of its operations in India with an investment of $100 million over the next three years.
The expansion would fund business, engineering, and research and development capacities, build new factories and broaden the product range in India, a company release said. ABB also plans to create 4,000 new jobs by 2010, taking its total number of employees in India to 10,000. The company said it expects its India revenues to double in the same period to cross $2 billion by 2010, driven by the strong demand for power infrastructure and rapid growth in the industrial sector, the release said. „India is becoming a key location and market for our global growth strategy and will play an essential role in further strengthening ABB’s global footprint,” president and CEO Fred Kindle said. „India will soon be among ABB’s top five markets.” The ABB group is a leader in the power and automation technologies sector. It has operations in over 100 countries. Among the group’s new plans for India are a greenfield facility at Neelamangala near information technology hub Bangalore, for manufacturing low-voltage products and power electronics; and manufacturing units for power transformers in Vadodara in western Gujarat state. (m&c.com)
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