New Delhi: Japanese consumer durables firm Hitachi on Wednesday said it plans to double its turnover to $2 billion in India by 2013 and it will set up a new research and development (R&D) centre in the country by next fiscal.
Besides, the firm is looking to set up a new production facility dedicated to manufacture products, mainly more energy efficient ones for the local as well as the overseas markets.
“We have a turnover of around $1 billion in India (at present). Our plan and mission is to double it in the next couple of years. We will keep on looking for business opportunities in the country,” Hitachi Asia chief executive Yasunori Taga said.
The company is already in the process to set up its first R&D centre in Bangalore, which will be operational by the end of next fiscal. The company is also looking at setting up its fifth manufacturing facility in the country in order to meet the growing demands.
“Our vision is to have one R&D centre in India to address the global needs as well as to develop products for the local market... besides we also need to set up a new production site to meet the demands of the country and to have direct access to the market here,” he said.
He, however, did not disclose how much the company will invest to set up the R&D centre and the new production facility. At present, Hitachi has four plants which makes products like air conditioners and construction equipment.
The company, which announced its participation at the two-days Eco-Products International Fair 2011 starting from Thursday, said it will focus on promoting its eco-friendly products in India. It has already lined up a range of energy efficient products to be introduced for the Indian market.
“Our contribution to the global turnover is very less, around 1%. We want to increase it. We are very much working on the kind of energy efficient products that we can bring to India,” Taga said.