Siemens’ Verna plant set for Rs 333cr infusion – ET Infra

PANAJI: As part of the Rs 1,000 crore capital that Siemens Limited plans to invest in India, the German multinational conglomerate announced that it would expand its existing manufacturing unit in Goa. The firm’s ‘smart infrastructure business’ is expanding to cater to the rising demand for critical components.

The total investment will be Rs 333 crore, and this will be the largest investment by Siemens in Goa, the company said in a note.

“Over the past few years, India has made rapid strides as a preferred destination for manufacturing and business. We believe that with the latest investments, our largest in recent years, we will be able to better address customer requirements with a stronger portfolio and go-to-market,” said Sunil Mathur, managing director and chief executive officer, Siemens Limited.

As part of the expansion, the factory will manufacture gas insulated switchgear and clean air GIS technologies.

The Rs 333 crore investment is in addition to the capacity expansion at the vacuum interrupter factory in Goa that the company announced in Nov. “It is further evidence of Siemens’ strong commitment towards India, and will help leverage the full potential of the fast-growing Indian market,” said Mathur.

Way back in 2012, Siemens set up two manufacturing units in Goa, with an investment of around Rs 200 crore. The factories produce a range of products for power distribution to industries, utilities, power plants, and cities.

Siemens said that the unit at Verna would meet global sustainable norms, while also contributing to the government’s localisation initiatives.

The factories are designed as per LEED gold standards (for sustainability), are carbon neutral, and water positive, using various sustainable technologies, which include PV solar, microgrid, EV charging, battery energy storage systems (BESS), and rainwater harvesting. They will be built with recycled materials and circular construction techniques, the company said in a statement.

Siemens Limited is the flagship listed company of Siemens AG in India, and as of Sep 2023, Siemens Limited, which has 8,888 employees, had revenue from continuing operations of Rs 17,701 crore.

  • Published On May 19, 2024 at 06:22 PM IST

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