15 Sep 2014

Indian businessmen have strong belief in new government: Heinrich Hiesinger, Thyssenkrupp

After a punishing run of three years with losses and write-downs, German steel and capital goods major ThyssenKrupp is now a global turnaround story today. Led by Heinrich Hiesinger, chairman of the executive board, the 39-billion conglomerate that specialises in specialty steel, elevators, auto components and installation of industrial plants for sugar and cement, has re-engineered and restructured its expansive operations with an eye on emerging markets like India, China and the Middle East.


Since 2011, the company has divested several large divisions and businesses, reduced risks associated with legacy projects and overhauled compliance after a raft of corruption scandals. Its Indian association goes back to 1860 when the Essen-headquartered group partnered with the Indian Railways. Today, with sales of 500 million, India is its third-largest APAC operation. In an exclusive interview with ET, Hiesinger, the 54-year-old electrical engineer by training outlines his growth strategy in India and why small steps make sense. 

What are your key takeaways from the India visit and what would that mean for your organisation in India? 

It was really sad for me to see that in one of the most promising markets the mood was so sad just half-a-year ago. There was no enthusiasm or momentum, either of which I wasn't used to, because people here have such high aspirations. But this time, it's different. I just came from a business review with our Indian business colleagues and all of them are very positive, going forward. There is a strong belief in the new government. Read More...





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