Japan's biggest industrial electronics firm Hitachi Ltd said on Sunday it aims to double its revenues in India from 54 billion rupees ($1.2 billion) and is keen to acquire firms to gain a bigger market share in a short span of time.
"In the coming few years, we expect to increase revenues of Hitachi India to around 120 billion rupees ($2.6 billion) as compared to 54 billion rupees ($1.2 billion) for the last fiscal," said Ichiro Iino, managing director, Hitachi India Pvt Ltd in an emailed statement.
India, which was a part of Hitachi's regional Headquarters for Asia business and contributed just 1 percent of its global revenue in FY11, has been re-positioned as an independent management area for the firm, the statement said.
India will join China -- which contributed 13 percent of its global revenue in FY11 --, Southeast Asia, Europe and the Americas as key management areas outside of Japan for Hitachi, it added.
"The company's staff will be increased, mainly in the corporate division in order to support the smooth rollout of business at Hitachi Group companies," Iino added.
It plans to open a new research and development centre for information and telecommunication systems business in Bangalore by March 2012, it said.
Since it began Indian business operations in the 1930s, Hitachi has been involved in a variety of business activities, including the manufacture and sales of air conditioning equipment and construction machinery.
In 2010, it had established two joint venture companies with Indian power equipment maker BGR Energy to make thermal power plant equipment such as boilers and turbines.
(Reporting by Ketan Bondre; Editing by Jon Loades-Carter)