Hitachi Energy is focused on expanding its operations in India to keep up with the rising energy demand in the country. The company, known for manufacturing transformers and power transmitters, is planning to open more global capability centers (GCC) in India to support its local operations. One of the targeted locations for a new GCC is Hyderabad, with Pune also being considered for the establishment of the center, reflecting the company's strategic approach to cater to the growing needs of the Indian market.
Driven by the high power demand in India, the government is actively increasing its energy generation capacity, with a significant emphasis on renewable energy sources. Hitachi Energy's decision to open additional GCCs aligns well with this trend, as the company aims to enhance its presence and capabilities in the Indian market. Venu Nuguri, the managing director and CEO of Hitachi Energy's India unit, highlighted the importance of these GCCs, emphasizing their role in supporting the local operations while being part of a separate entity within the company's structure.
With India aiming to achieve 500 GW of installed capacity through non-fossil fuel sources by 2030, the energy sector in the country is witnessing significant growth opportunities. The company's order backlog of 7,200 crore rupees ($864.7 million) as of fiscal year 2023 indicates the potential for business expansion in the Indian market. Nuguri pointed out the need for the market to generate electricity at a much higher rate than the current pace to meet the projected demand, foreseeing a considerable increase in the company's order book as a result of the market growth in the energy sector.