Power and automation technologies major ABB announced that it would invest an additional $100 million in India, where it expects to double business volumes and hire 4,000 employees by 2010.
“We are extremely encouraged with the performance of our Indian operations and India will soon be among the top five markets for ABB”, President and CEO of ABB Group Fred Kindle, told a news conference.
“Based on market outlook and our well established presence here, we expect the business volumes for ABB in India to double by 2010”.
Having completed its previously announced investment programme of $100 million, the company now plans to invest an additional USD 100 million for capacity and range expansion over the next two-three years to support this growth, he said.
Chairman of ABB Group, Hubertus von Grunberg said the company currently employs over 6,000 people in India and expects its human resource base in this country to touch around 10,000 by 2010 to support its growth plans.
“India is among the fastest growing economies in the world and a key focus area for ABB. It is an important part of our growth strategy and will play an integral role in strengthening ABB’s global footprint”, he said.
For the calendar year 2006, ABB’s revenues crossed USD one billion in India, with revenues growing 40 per cent and net profit by 50 per cent, officials said.
