OREANDA-NEWS. December 13, 2012. Hitachi, Ltd. (TSE: 6501, "Hitachi") and Hitachi India Pvt. Ltd. ("Hitachi India"), the Regional Headquarters in the Republic of India ("India"), today announced they have formulated the 'India Business Strategy 2015'. The strategy was devised with the aim of "contributing to the development of Indian society over the medium to long term through Hitachi's 'Social Innovation Business'". Under this strategy, Hitachi is targeting consolidated revenues of 300 billion yen (200 billion rupee*1) in India in fiscal 2015, an approximate three-fold increase from consolidated revenues in fiscal 2011.

 India is one of the most important regions for Hitachi's business, and this is evident from the board meeting held in India today, which is Hitachi's first board meeting to be held outside of Japan. Hitachi will contribute to the development of Indian society over the medium to long term through executing this strategy.

 Mr. Hiroaki Nakanishi, the President of Hitachi, Ltd said "Today is a memorable day for Hitachi, Ltd. as we held our first ever board meeting outside of Japan, in India. It is especially memorable since this year marks the 60th anniversary for India-Japan diplomatic relations. Hitachi enjoys strong and trusted relationships with India since the 1930s. With its market, human resources and business partnerships, India is an important strategic base for Hitachi. Going forward we aim to support even further the country’s economic growth by contributing to a sustainable society. We will achieve this through further localisation and by focussing on Hitachi’s Social Innovation Business. "
ndia's compound annual growth rate for GDP was more than 8% over the 5 years from 2006 to 2010. Despite slow growth in certain sectors, the country is projected to achieve steady economic growth. Notably, demand is rapidly expanding for the development of social infrastructure in fields such as energy, water treatment, and information and telecommunication systems. For example, the Indian government is planning to execute its largest-ever investment of 1 trillion U.S. dollars in the social infrastructure field under its 12th Five Year Plan unveiled in October 2011.

 Currently, Hitachi has more than 20 Group companies in India, with a workforce of approximately 6,800 employees. Hitachi's developing businesses are centered on construction machinery and air-conditioning systems, with a business scale of approximately 100 billion yen (67 billion rupee) in India in fiscal 2011. Furthermore, under Hitachi's 'New Globalization Plan' formulated in 2011, India was positioned as Hitachi's fifth key management area outside Japan, alongside China, Southeast Asia, Europe, and the Americas, naming Hitachi India as the regional headquarters. Under this framework, Hitachi is stepping up development of its 'Social Innovation Business' in the country.

 Hitachi has formulated 'India Business Strategy 2015', where steady economic growth is forecasted. The strategy's basic policy is to "contribute to the development of Indian society over the medium to long term through its 'Social Innovation Business'". Specifically, Hitachi will implement the following measures to accelerate business expansion: bolster businesses supported by production for consumption in India by increasing localization; strengthen partnerships with Indian companies and expand business bases strongly connected with the Indian market; and expand businesses into Africa and the Middle East employing India as a base. Additionally, Hitachi will strive to strengthen its management base in India in order to support business expansion. This includes promoting research and development activities closely tied to the region, strengthening a human resource management system, and executing the 'Hitachi Smart Transformation Project', a new cost structure reform project.

 To promote these measures, Hitachi will double the number of employees to 13,000, from fiscal 2011 and will execute investments of 70 billion yen (47 billion rupee) from fiscal 2012 to fiscal 2015.

 Through the expansion of businesses, Hitachi is targeting consolidated revenues of 300 billion yen (200 billion rupee*1) in India in fiscal 2015, an approximate three-fold increase from consolidated revenues in fiscal 2011. At the same time, this will allow Hitachi to contribute to the development of the Indian society over the medium to long term.