Schneider Electric India to make Rs 3,200 cr investment for growth by 2026

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Schneider Electric India to make Rs 3,200 cr investment for growth by 2026

Schneider Electric India to make Rs 3,200 cr investment for growth by 2026

Industry News
Sep 22,23

CEO & MD, Deepak Sharma who also holds the position of President for the Greater India region disclosed these investment details during an interview.

Schneider Electric India to make Rs 3,200 cr investment for growth by 2026

Schneider Electric India, under the leadership of its CEO & MD, Deepak Sharma, has announced an extensive investment plan of Rs 3,200 crore to bolster its presence in India by 2026. Sharma, who also holds the position of President for the Greater India region, disclosed these investment details during an interview with PTI.

In line with the company's growth aspirations, Schneider Electric India is poised to allocate EUR 350 million (equivalent to Rs 3,200 crore) towards expanding its industrial footprint. This expansion initiative involves adding an impressive 1,200,000 square feet of infrastructure by 2026. The investment will be distributed across nine states, including Gujarat, Telangana, Karnataka, West Bengal, Odisha, Tamil Nadu, Maharashtra, Himachal Pradesh, and Uttarakhand.

When questioned about the nature of these investments, Sharma emphasised Schneider Electric's commitment to sustainability. The company aims to achieve net-zero operations by 2030, establish a fully carbon-neutral value chain by 2040, and eliminate net CO2 emissions throughout its entire value chain by 2050.

Highlighting the company's current efforts in renewable energy, Sharma stated that Schneider Electric India manages over 700 MW of renewable energy power purchase agreements, providing sustainable solutions that encompass on-site solar installations and the procurement of off-site solar and wind energy. Notably, Schneider Electric's solutions power approximately 15% of the solar energy installations in India.

Under its Luminous brand, Schneider Electric is responsible for powering 100 million homes through inverters, batteries, and solar energy solutions. Additionally, the company is actively involved in supplying 1.5 million prepaid smart meters to Energy Efficiency Services (EESL) in Bihar, Haryana, and Uttar Pradesh. Schneider Electric plans to continue deploying feature-rich smart meters for projects falling under the revamped distribution sector scheme (RDSS).

Schneider Electric India, a subsidiary of the French conglomerate Schneider Electric, currently operates 30 active factories across the country, including five smart factories situated in Hyderabad, Bengaluru, and Chennai.

Source: moneycontrol.com