German conglomerate Thyssenkrupp’s industrial solutions business will make India a supplier to its international markets, eyeing the country as a “major pillar” of its global strategy that is currently chasing a turnaround, its chief executive said.
It has also become “relatively” easier to do business in India, said Marcel Fasswald, CEO of Thyssenkrupp Industrial Solutions, who has spent many years building and managing steel plants in the country in his previous stint as the chief executive of the SMS Group in India, a family-owned metals business headquartered in Germany.
Globally, the industrial solutions business has been facing challenges of profitability, and Fasswald, who assumed charge in October last year, has been given the responsibility of turning around the business. Group CEO Guido Kerkhoff is also carrying out a churn at the entire group level.
While the cash-rich elevator business is being prepared for an IPO and maybe part stake sale, according to media reports, plans to merge its loss-making steel business with Tata Steel Europe crashed two months ago.