Hitachi aims to double revenues, acquire firms

September 4th, 2011 - 1:48 pm ICT by IANS  

New Delhi, Sep 4 (IANS) Global electronics major Hitachi said it aims to double its revenues from India and is keen to acquire other firms to expand its market share.

It also plans to re-position its India operations with an independent management.

“Mergers and acquisitions would play a key role in rapid expansion of the company’s market share,” the company said in a statement.

According to the company, it expects to grow its revenue from current Rs.5,400 crore to Rs.12,000 crore in the coming years.

“In the coming few years, we expect to increase revenues of Hitachi India to around Rs.12,000 crore (Yen 200 billion) as compared to Rs.5,400 crore (Yen 90 billion) for the last fiscal,” said Ichiro Iino, managing director, Hitachi India.

Last fiscal, Hitachi’s consolidated global revenues were Rs.5,60,000 crore of which India contributed merely 1 percent.

The statement further said that the company’s India operations have been re-positioned with an independent management.

“India, which was a part of Hitachi Asia, has been re-positioned as an independent management area and Hitachi India,” the statement added.

India will be the only fifth stand-alone Hitachi company after China, Southeast Asia, Europe and the Americas, to have an independent management outside of Japan.

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