The German company Siemens AG's Indian flagship, Siemens Ltd, plans to invest Rs 416 crore to expand its manufacturing capacity for medium voltage switchgear vacuum interrupters and power transformers, which are utilized in the power distribution industry.
Siemens Ltd., a technology corporation focusing on industry, infrastructure, transportation, as well as the transmission and generation of electrical power, will be able to meet the rising demand in India and around the world thanks to the development in capacity of both of these products.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Ltd, said, “We are adding capacities in the power transformer and vacuum interrupter businesses to serve the increasing domestic and global demand for power transmission and power distribution solutions. With 31 factories in the country, serving both domestic and global demand, Siemens has the engineering prowess, strong supplier base and a portfolio that addresses customer requirements across the value chain."
Meanwhile, Siemens Ltd registered a revenue of Rs 5,297 crore in the fourth quarter of financial year 2023 ended September 30, 2023, a 25% increase over the same quarter in the previous year.
The company’s has recorded an order backlog is Rs 45,518 crore and profit after tax (PAT) of Rs 534 crore, an increase by 36% over the same period last year.