Siemens Venture Capital sets up activities in India
Mumbai, Mar 23 (UNI) Siemens Venture Capital (SVC) announced today that it will begin its maiden operation in India from June one.
The investment focus covers critical infrastructure technologies in the field of information and communications, medical solutions, automation and control, power, automotive technology, transportation systems, and lighting, an officila release here said.
From June Mr Rajesh Vakil will handle all venture capital related inquiries in India, working out of its offices in Mumbai and Bangalore.
''We are actively looking for interesting deals that fall within our Asian investment focus. Our plan is to close at least two to three deals in India and China within the next 12 months,'' Siemens Venture Capital's President and CEO Dr Ralf Schnell said.
He said that the high-tech industry in India combined with Siemens' worldwide presence and resources was a winning combination.
With our local presence, penetration into the local venture capital and startup community would be closer and more effective.
The emerging venture capital network will help to achieve a good level of deal flow quickly and thus identify attractive new technology startups alongside our existing investments.
The decision to increase venture capital activities in the heart of the emerging high-tech markets was a significant step forward and would help to support the Siemens global network of innovation, Dr Schnell said.
India has tremendous R&D strengths including talented manpower.
It is also an emerging market with tens of thousands of young and highly qualified entrepreneurs, who have brilliant ideas and are looking for business partners, he added.
Siemens will actively support new business opportunities in order to leverage this vast potential to the fullest. In turn, this will significantly enrich the company's innovative competitiveness across the globe, the company release said.
UNI GC MJ SKB1907