NEW DELHI: Technology firm Siemens Ltd on Tuesday said one of its businesses Siemens Energy will discontinue supporting development of coal-fired power plants.
"Siemens Energy will discontinue the support for the development of new coalfired power plants but will continue to offer bridging technologies like gas-fired plants and components for efficient combined heat and power (CHP), waste heat and biomass co-firing projects as also continue its CO2-reducing service and solutions business," the company said in a BSE filing.
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 company said.
The decision will not have a material impact on the revenues or profit of Gas and Power (now Energy) business within Siemens as the company currently does not have the competencies to provide utility equipment for new coal-fired power plants.
Siemens 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, the filing said.
The company's revenue for the year ended September 2019 was Rs 1,36,838 million (Rs 13,683.8 crore) and profit-after-tax for the period was Rs 10,869 million (Rs 1,086.9 crore).
The revenue of Energy business was Rs 51,736 million (Rs 5,173.6 crore), while profit from Operations was Rs 6,949 million (Rs 694.9 crore).