Power equipment and automation major ABB is exploring the option of expanding its footprint in India using the merger and acquisition route.ABB CEO Ulrich Spiesshofer said that in all businesses and markets where ABB is present, it is looking at capital deployment for merger and acquisitions and India is definitely one of the areas.
He said that if an acquisition happens it could be for a local product for the Indian market.The CEO pointed that in infrastructure and utilities space, significant investments are being made in India. ABB is completing a power grid project, which will bring 6 GW of hydropower from the Himalayas into Central India.
On the prospects in the industrial scale solar sector in India, Spiesshofer said that half of the solar inverter in the sector has been installed by ABB. The company has a fully localised value chain for the solar inverter business. The ramp up of solar capacity is very fast and would expect a double-digit growth rate in that sector.
Spiesshofer added that for the Make in India programme launched by Prime Minister Narendra Modi, ABB is well positioned to work with the government.