Fuji Electric Targets Rs 1,500 crore Revenue by 2023

Fuji Electric Targets Rs 1,500 crore Revenue by 2023

Announcing its India 2.0 plan, the Japanese major aims to derive synergic strengths through integration of all group companies in India and also explore emerging applications like energy storage, EV charging, MW scale solar power plants, smart city projects among others

Fuji Electric Co., Ltd. has announced its India 2.0 plan with an aim to expand business horizons in the country. The company said it will support the global objective of Fuji Electric’s Reiwa Prosperity 2023 plan and envisages reaching Rs 1,500 crore revenue figure by 2023. Riding an integration of all group companies in India, the company is all set to explore emerging applications coming up like energy storage, EV charging, MW scale solar power plants, smart city projects, among others.

Fuji Electric has identified India as a key market as it plans to develop its core business of Power Electronic Systems. The company had recently acquired Consul Neowatt Power Solutions Pvt Ltd and plans to leverage its network targeting core heavy industries, infrastructure, and data centre market as well as manufacturing industries among others. The company believes that it is important to develop tailor-made solutions for the India market and will develop local R&D capacities for competitive products under its ‘In India for India+ plan’. Fuji Electric also plans to develop its local manufacturing base to become an export hub for Africa and Middle East, regions having similar challenging sites and power conditions.

Kenzo Sugai, Executive Vice President & Elected Corporate Director Fuji Electric, said the targeted markets in India for company products represent a market opportunity in excess of Rs 10,000 Crores and FE India 2.0 plan involves integration of the FE business in India for a better experience.