OREANDA-NEWS. Hitachi, Ltd. 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.

(1)
Government-led efforts to put in place and maintain social infrastructures
In response to Government-led efforts to put in place and maintain social infrastructure, Hitachi will provide wide range of products and solutions, such as social infrastructure systems. Hitachi is already selling advanced medical devices, including MRI and ultrasound diagnostic equipment, as solutions to respond to growing needs in the healthcare field. Furthermore, it is planning to provide a full range of healthcare services that utilize these devices, from checkup to diagnostic and treatment. In elevators and escalators, which are essential to urban planning and development, Hitachi is introducing products and systems that meet the needs of the Indian market. It received a batch order for 58 elevators (including 46 high-speed elevators with a speed of 4 meters/second), for the high-rise residence in Mumbai, and this is one of the recent examples. In rail systems business, it is making inroads into business targeting metro rail systems, monorails, and high-speed trains, and through these activities, Hitachi aims to contribute to the enhancement of rail infrastructure in India.

(2)
"Make in India"
Hitachi will provide new services that will sustain the advancement of the financial service in India, including settlement services for banking institutions, ATM operation services, and cash operation and management solutions, mainly through Prizm Payment Services Pvt. Ltd., which it acquired in March 2014. Furthermore, in the rail systems business, Hitachi will consider local production in collaboration with Indian companies.

(3)
"Sell to the World"
Hitachi will utilize production bases in India as global hub, and will strengthen the rollout of the product business from India to overseas. In the construction machinery business, in 2014, Tata Hitachi Construction Machinery Company Ltd. began exports to Africa and the Middle East of hydraulic excavators designed and produced in India based on specifications for emerging countries. In addition, Hitachi Hi-Rel Power Electronics Pvt. Ltd. started to export power electronics products, including inverters and UPS (Uninterruptible Power Supplies), to the Middle East and ASEAN countries from 2013.

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.