Power equipment major ABB India on Monday said it would invest $100 million (Rs 450 crore) over three years in expanding its manufacturing base in the country.
"We shall expand our portfolio and range of offering in India and are in the process of establishing several new plants and local manufacturing facilities," ABB Global CEO designate Fred Kindle told reporters in Mumbai.
The investment, beginning this year, would be on setting up new manufacturing lines for high tension machines, distribution transformers and traction transformers at Vadodara, electronic AC devices, control products and several low voltage products at Bangalore, and packaged substations and ring main units at Nashik.
Kindle, who is on his maiden visit to India as ABB executive, will be taking over as ABB's group CEO from January 2005.
India has become a global resource base for projects, products, services, R&D and engineering, Kindle said, adding that the research centre here, currently with 100 professionals will have a strength of over 500 in the next two years.
ABB India Vice Chairman and Country Manager Ravi Uppal said the firm would be increasing its headcount in engineering, R&D and manufacturing over the next few years.
"We will double our India revenue over the next few years," Kindle said, but declined to specify a time frame for the target.
Kindle said there would be more sourcing of products and services from India and 'unless we take advantage of that, we will fall prey to competition.'
'Bullish' on India and China for future growth for ABB's products, Kindle said the firm's global strategy was 'profitability and growth' and it was equally keen in expanding share in Europe and the US, where there has been under investment in the power sector for decades.
He said globally, ABB, which is in a stabilising mode, would look at acquisitions only in the longer term and instead focus on its core business in increasing business and profitability.
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