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Automotive Product Finder Magazine | Fuji Electric aims Rs 1500 cr revenue by 2023 in India, eyes EV charging space for growth
Fuji Electric aims Rs 1500 cr revenue by 2023 in India, eyes EV charging space for growth
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FE will expand its power electronics systems business in India, targeting mainly the manufacturing industries, core heavy industries, buildings, infrastructure and data centre market.
Chennai, November 8, 2019
The Japanese power electronics company Fuji Electric Co Ltd (FE) is aiming to increase the revenues from the India market to Rs 1,500 crore by 2023 from Rs 660 crore in FY 2018-19 as part of its FE India 2.0 plan. This will support the global objective of Fuji Electric’s Reiwa Prosperity 2023 plan to grow global revenues to Yen 1 trillion when FE celebrates its Centennial Anniversary (100 years of founding).
The Yen 915-billion Fuji Electric is globally developing its core business of power electronics systems and India has been identified as one of the key markets as part of FE’s global growth plan. FE will expand its power electronics systems business in India, targeting mainly the manufacturing industries, core heavy industries, buildings, infrastructure and data centre market. With the recent acquisition of Consul Neowatt Power Solutions Pvt Ltd, Fuji Electric has a strong presence across India with almost 1,000 employees, four manufacturing plants and a pan-India sales network operating out of 25 offices with ability to provide support services in over 80 locations through 400 factory trained service engineers.
Speaking at the occasion Kenzo Sugai, Executive Vice President and Elected Corporate Director Fuji Electric, said, “The FE India 2.0 Plan involves integration of the FE business in India including Consul Neowatt, Fuji Electric India and Fuji Gemco to ensure all Fuji Electric customers in India have the same and consistent pre-sales & post sales experience. The targeted markets in India for FE products represent a market opportunity in excess of Rs 10,000 crores and the FE India 2.0 plan envisages Fuji Electric becoming among the top companies in all the targeted market segments in India to reach Rs 1,500 crores turnover by 2023.”
Fuji Electric believes to succeed in the fast growing but highly competitive Indian market will require us to be close to the customer and to tailor our solutions to provide overall value for the customer and this is the foundation of FE India 2.0 Plan of “In India for India+” strategy. This means that the company will use local R&D capabilities to develop products that are priced competitively and designed to perform in demanding site and power conditions. Further the company will look to expand its local manufacturing capabilities for faster introduction of products in the market with establishment and localisation of the entire process of production and supply in India - from product development to material procurement, manufacturing, and quality assurance - of AC Drives, UPSs and other components. This will also see India becoming a hub for products that will also be sold in markets like Africa and Middle East that have a similar challenging site and power conditions.
Fuji Electric is also well set in India to address emerging applications like energy storage, EV charging, MW scale solar power plants, smart city with cutting edge products, solutions and services with an overriding focus on energy efficiency and environment conscious technology.
Reiwa Prosperity 2023
Consul Neowatt Power Solutions
FE India 2.0 Plan
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