Toshiba says to invest $500 mln in India businesses over 5 years

MUMBAI Fri Feb 14, 2014 6:30pm IST

Toshiba's Chief Executive Officer Hisao Tanaka addresses a news conference in New Delhi February 14, 2014. REUTERS/Anindito Mukherjee

Toshiba's Chief Executive Officer Hisao Tanaka addresses a news conference in New Delhi February 14, 2014.

Credit: Reuters/Anindito Mukherjee

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MUMBAI (Reuters) - Japan's Toshiba Corp (6502.T) said on Friday it plans to invest 30 billion rupees in India over the next five years to expand its businesses in the country.

Toshiba will position India as a strategic business hub in its thermal power, energy equipment, water treatment and software development businesses, Chief Executive Officer Hisao Tanaka said in a statement.

The company said it is targeting sales of 180 billion rupees from India by 2016/17, about seven times from the current level. It expects to employ 8,000 people in India by then.

(Reporting by Prashant Mehra; Editing by Subhranshu Sahu)

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