Siemens acquired an EPC project worth USD11.6 million from Power Grid Corporation of India Limited (PGCIL) at Bhuj in Gujarat

India: Power Grid Corporation of India Limited (PGCIL), a state run corporation awarded a project for engineering, procurement and construction of power transmission network worth USD11.6 million at Bhuj in Gujarat. The project would strengthen the power handling capacity of Power Grid Corporation of India Limited and would result in safe and reliable transmission network in Western India. As on 13^th June 2016, as per Bombay Stock Exchange, the share price of Siemens closed at USD18.55.

TechSci Research finds that the growth in the power transmission network in Bhuj would increase the demand for power and distribution transformers. The project would help in supplying electricity to remote areas in Bhuj thus, providing an access to electricity to households in the rural areas. The project would also promote environment protection as the transformers installed in this project would transmit power from renewable energy projects.

According to released report of TechSci Research “India Power & Distribution Transformers Market Forecast & Opportunities, 2020”, the power and distribution transformers market in India is projected to grow at a CAGR of over 10% till 2020. Power transformers contribute a major portion in overall market revenues due to their higher price points. Under the 12^thfive year plan (2012-2017), Indian government allocated USD200 billion for strengthening the country’s power generation, transmission and distribution sector.