ABB Power Products & Systems India on Friday announced its rebranding as Hitachi Energy India Ltd.

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"Following the recent rebranding of its parent company to Hitachi Energy, its operations in India today announced their evolution to ‘Hitachi Energy India Limited', reaffirming their commitment to accelerating the clean energy transition in India," a company statement said.

Formerly known as ABB Power Products & Systems India Limited, the business continues to be listed on India's stock exchanges, it added.

India is on an ambitious journey to become carbon-neutral and at the recent COP26 climate summit in Glasgow, the country announced a five-point climate pledge for 2030 and a target of net-zero carbon emissions by 2070, it said.

Hitachi Energy, which has focused its purpose on 'advancing a sustainable energy future for all', views India among its top five markets for expansion.

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India has significant potential in renewable energy, smart grids, grid modernisation, and the electrification of transportation and industries including data centres, it added.

Claudio Facchin, CEO, Hitachi Energy, said, "We are championing the urgency of a clean energy transition through innovation, collaboration and through the combination of IT, operational technology (OT), products and services that can be deployed today."

"India is pursuing ambitious clean energy pathways and together with customers and partners, we are excited to support technologies that enable more integration of renewables such as High Voltage Direct Current (HVDC) interconnections and grid edge solutions," he added.

Hitachi Energy aims to expand its portfolio to meet the needs of the evolving energy landscape in India and grow faster than the market, the statement said.

It continues to strengthen its leadership position in the HVDC space -- Hitachi Energy is behind 50 per cent of all HVDC projects in India -- and raise the share of its transformers and grid automation business in high-growth segments such as rail and data centres.

N Venu, Managing Director and CEO, Hitachi Energy India Limited, said the company has a strong track record and six-decade heritage of investing and making in India.

"About 80 percent of our products are manufactured locally and we are the single-point source for Hitachi Energy's global supply of certain products," he noted.