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Information contained in this news release is current as of the date of the press announcement, but may be subject to change without prior notice.
February 16, 2015
Plans to expand consolidated revenues to 210 billion yen in FY2015 by responding to "Modi-nomics"
Mumbai, February 16, 2015 --- Hitachi, Ltd. ("Hitachi" / TSE:6501) and Hitachi India Pvt. Ltd., the Regional Headquarters of Hitachi Group in the Republic of India ("India"), will promote measures in response to "Modi-nomics" based on the policy of "contributing to the medium- to long-term development of Indian society through the Social Innovation Business," and will aim to expand consolidated revenues in India to 210 billion yen in FY2015. Hitachi opened an office in Mumbai in November 1935 as the Hitachi Group's first overseas base, and in 2015, it will commemorate 80th anniversary of its establishment.
Mr. Toshiaki Higashihara, the President & COO of Hitachi, Ltd. said "Hitachi has been building strong and trusted relationships with various stakeholders in India over the last 80 years. India is becoming an increasingly important country for Hitachi's global growth. We believe that the extensive experience Hitachi has acquired in facing challenges over the years can be of service to help build strong and sustainable social infrastructure in India. Hitachi remains fully committed to contributing to the development of Indian society through the Social Innovation Business in response to "Modi-nomics", and we will continue to invest even more efforts in this country than before. "
Hitachi is currently promoting the global rollout of the Social Innovation Business based on the 2015 Mid-term Management Plan, and has set a goal of increasing the ratio of overseas revenues, which was at 45% in FY2013, to more than 50% by FY2015. In India, Hitachi is currently expanding its business based on the "India Business Strategy 2015" that was created in December 2012.
Since the start of the administration under Prime Minister Modi in 2014, there have been high expectations for dramatic growth in the Indian economy as a result of bold structural reforms, making this an important country in the context of Hitachi's global growth. The economic policies being put forward by the Modi administration, referred to as "Modi-nomics," include government-led efforts to put in place and maintain social infrastructures; "Make in India," in which products and services are created locally; and "Sell to the World," in which India is established as a global product hub. Through the rollout of the Social Innovation Business in keeping with these policies, Hitachi will contribute to the development of Indian society.
By promoting the above measures, Hitachi is planning to increase the number of Group employees in India in FY2015 to approximately 13,000. It will also continue its plan to implement investments totaling 70 billion yen over the four years from FY2012 to FY2015.
Through these activities, Hitachi will contribute to the medium- and long-term development of Indian society through the Social Innovation Business which integrates cutting-edge IT and infrastructure technologies developed over many years, and strive to expand consolidated revenues in India in FY2015 to 210 billion yen.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, delivers innovations that answer society's challenges with our talented team and proven experience in global markets. The company's consolidated revenues for fiscal 2013 (ended March 31, 2014) totaled 9,616 billion yen ($93.4 billion). Hitachi is focusing more than ever on the Social Innovation Business, which includes infrastructure systems, information & telecommunication systems, power systems, construction machinery, high functional materials & components, automotive systems, health care and others. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
Hitachi started its business in India in the 1930's. Currently, Hitachi has 31 business bases and over 10,000 employees in India. In addition to being a leader in construction machinery and air-conditioning systems, the Hitachi Group in India is expanding on its 'Social Innovation Business', such as information & telecommunication systems, power systems, industrial, transportation and urban development systems. Together with further localization, Hitachi aims to contribute to a sustainable society in India as well as the country's economic growth. For more information about the Hitachi Group in India, please visit the website at http://www.hitachi.co.in.