Siemens is spinning off its gas and power business, which has dragged on the German engineering firm’s performance as the rise of renewable power hits demand for gas turbines.

The new firm would be a “major player” in energy with revenues of 27 billion euros ($30 billion) and more than 80,000 employees, Siemens said on Tuesday, adding that it would now focus on its Digital Industries and Smart Infrastructure businesses.

We like Siemens India as a unique bet on the digitisation & automation opportunity alongside the traditional domestic transmission and distribution play. The company will be one of the key beneficiaries of the gradual adoption of new technologies by Indian companies, leveraging on the R&D support provided by the parent and the scalable nature of some digitisation solutions.

Siemens on Wednesday said it has commissioned the world’s-largest power grid stabilisation technology solution for State-run utility Power Grid Corporation of India at Rourkela in Odisha.

“Siemens has commissioned 400 kV Synchronous Compensator (STATCOM) solutions at Power Grid Corporation’s substation in Rourkela, Odisha.

In order to achieve the goals set at the 2017 Paris Climate Accord, The International Energy Agency (IEA) says there need to be about 100 million electric cars on road globally by 2030. It believes that one-fifth of all vehicles in the world (including two-wheelers, buses, trucks and cars) should run on batteries. France has already hinted on banning cars with a combustion engine in Paris by 2030. European Union (EU) plans to have 30% of all new vehicles to either be all-electric or hybrid to reduce emissions.

Mumbai: Siemens Ltd, the Indian arm of global engineering giant Siemens AG, is keen on tapping the business opportunity created by stressed assets in the country’s banking system, a senior company executive said.

“These stressed assets are all opportunities that we are looking at. We are working together with banks, we are working together with the government, working with the private players to see how we can participate and make some of these stressed assets much more productive,” Sunil Mathur, managing director and chief executive of Siemens Ltd, told Mint.

In a notification to the stock exchanges on Wednesday, Siemens Ltd said it plans to sell its mobility division (which houses businesses linked to transport) along with the rail traction drives business and the mechanical drives business to its parent, Siemens AG or a wholly-owned subsidiary.

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