Hitachi India aims to generate $20 billion in revenue for its Japanese parent by 2030, with a focus on being a global hub in components and capital goods businesses, according to Bharat Kaushal, Hitachi India's managing director.
The rail and power sectors are anticipated to be the primary contributors to revenue growth over the next decade. Hitachi, with annual revenue of 7.64 trillion yen ($52.44 billion) in the fiscal year ending March 2023, sees significant potential in expanding its rail and energy transmission equipment business in North America. The ASEAN-India region contributed 9.4% to Hitachi's revenue in fiscal 2023.
The group does not give India's contribution. India experienced a record rise in power demand last year, leading to the government ramping up electricity generation capacity, including in renewable energy. India's green energy push extends from proposals to cut taxes on electric vehicles and solar panels to injecting billions of dollars of equity into big state oil refiners to fund energy transition projects.