Engineering giant ABB is looking at India as an export hub for power and automation besides expanding its footprint in the country by buying out companies and backing start-ups in software engineering and applications.
Spiesshofer, who believes ABB is ideally poised to partner Prime Minister Narendra Modi’s Make in India programme, underscored the country’s importance as an export hub in areas such as power grids. Besides power equipment, the 125-year old company is engaged in robotics and automation.
ABB India exports to around a hundred countries and its deep local footprint and rich global and local expertise combine for offerings to customers in India and around the world.
He said ABB was on the lookout for opportunities globally and India was an area of interest.
Zurich-based ABB’s venture capital arm – ABB Technology Venture (ATV) – which was launched in 2009 and is active in India is exploring opportunities in software engineering, software applications and artificial intelligence.
ATV has so far invested $150 million (Rs 1,000 crore) globally in technology and energy companies.
India has been part of the company’s increased focus since the tenure of CEO Percy Barnevik (1988-1996), though it had a presence in the subcontinent for over a century. Barnevik, who oversaw the merger of Swedish ASEA with Swiss Brown Boveri Ltd to form ASEA Brown Boveri in 1988, was among the first European corporate leaders to foresee India’s potential.
India is a top market for ABB with an annual turnover of $1.3 billion (Rs 8,674 crore) in 2015. The company’s average annual investment in the country has been $100 million (Rs 667 crore), primarily to meet capex needs.
By Baishakhi Dutta
