Electrification and automation company ABB India on Friday announced to invest ₹1,000 crore in the country in the next five years for capacity expansion, said a top company official.
The company, which inaugurated a new facility in Nashik on Friday, will be investing the money in adding capacity across the country, said country head and managing director Sanjeev Sharma.
He said that ABB India is planning to invest ₹1,000 crore in the next five years for capacity expansion.
The company’s new factory spread across 78,000 sq ft. It will help double the gas insulated switchgear (GIS) production capacity, said the company in its statement.
The new facility will manufacture primary and secondary GIS. It will serve the power distribution, smart cities, data centres, transport (metro, railways), tunnels, ports, highways and other infrastructure developments, it said.
The company has deployed advanced robotics for manufacturing which connects people, processes, assets, and is capable of relaying real-time data for enhanced productivity in the new facility in Nashik.
In line with the company’s sustainability strategy 2030 targets, the factory has also realized its 100% renewable electricity commitment to achieve low carbon operations.
The company also launched an eco-efficient switchgear.
“ABB is committed to enabling a more sustainable and resource-efficient future. We use global technology coupled with local engineering as a catalyst for introducing greener alternatives in the market. This new GIS factory is a testimony to ABB’s commitment towards building a self-reliant India in manufacturing and contributing to the nation’s net zero journey,” said Sanjeev Sharma, country head and managing director, ABB India.
ABB India reported a 62.3% YoY jump in net profit at ₹306 crore for the fourth quarter that ended 31 December, 2022. This is against a net profit of ₹194 crore in the year ago period.
ABB India achieved a significant milestone in order booking by reaching ₹10,028 crore in CY2022 and ₹2,335 crore for Q4 CY2022.
The growth during the quarter (Q4 CY2022) was led by large value orders in industrial solutions and segments like data centers in Electrification. In Motion, better penetration in segments like railways, metals, rubber and food and beverage and enhanced presence tier 1 and 2 cities spurred growth.
Source : Mint