Siemens Energy, a part of Siemens Ltd. In India, will discontinue support for the development of new coal-fired power plants in the country as a part of Siemens AG’s global policy.
But it would continue to offer bridging technologies such as gas-fired plants and components for efficient combined heat and power (CHP), waste heat and biomass co-firing projects and CO2-reducing services.
These technologies include sector coupling to drive the energy transition and thus support the reduction of global warming, with Power-to-X solutions and green hydrogen as the main elements.
“The above decision does not have a material impact on the revenue or profit of gas and power (now energy) business as the firm currently does not have the competencies to provide utility equipment for new coal-fired power plants,” said Siemens.
Siemens Ltd will explore opportunities to further deepen its collaboration with Siemens Energy in the new business areas, to provide reliable, affordable and sustainable energy in India, it added.
For the financial year ended September 2019 Siemens Ltd. reported revenue of ₹ 13,683.8 crore and profit after tax of ₹ 1,086.9 crore ..
The revenue of gas and power (now energy) was ₹ 5,173.6 crore, while its profit from operations was ₹ 694.9 crore. The company which follows October to September financial year is yet to announce this year’s annual results.
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