Hitachi Ltd. plans ¥70 billion in investments in India as it tries to boost revenue in the rapidly emerging economy to ¥300 billion in the year ending in March 2016 from ¥100 billion in fiscal 2011.
The firm's directors approved the plan in New Delhi on Thursday, the first overseas board meeting in Hitachi's 102-year history, it said in a statement.
Hitachi's sales in India are currently less than 10 percent of those in China, where a building boom has spurred demand for construction equipment, air conditioners and power plants. The company now expects faster sales growth in India as it boosts operations in anticipation of the Asian country's quicker economic expansion than China.