Lloyd's Register Committed to Strengthen Position in India
Lloyd's Register, an independent quality and risk assurance firm, highlighted the momentum seen by the company in India. Mark Stokes - Group Communications Director for Lloyd's Register and R.S. Sharma - Chairman shared the overall progress the company has made in India, the advancements in power and energy sectors and the "Water Matters" campaign for water management. Lloyd's Register also underscored its strategy to strengthen its position in the growing Indian power and the energy market.
Lloyd's Register's chairman, R.S. Sharma, today shared the progress Lloyd's Register has made in the past six months since he joined as the Chairman. Lloyd's Register intends to double both the revenues and workforce in the country by 2015, reflecting the success of its global business model. Despite the tough global economic conditions, the global revenues for Lloyd's Register surpassed £900 million last year.
"We have invested more than £120 million in our Global Technology Centers, ensuring we deliver the technical solutions required by the industry. India is a critical market for us and in keeping with our promise to it, we intend to further invest in R&D, inorganic growth and hiring in 2013," said R.S. Sharma.
Known for its origins as a marine classification society, today Lloyd's Register has a diversified technical-service portfolio across four main business divisions: marine, energy, management systems and transportation (mostly rail). In India, Lloyd's Register has 300 employees located in 20 offices near most of the industrial centers.
Lloyd's Register also announced "Water Matters", a corporate and social responsibility program to raise awareness of the impending global water crisis, and fund employee projects focused on water management and conservation. Speaking on the occasion, Mark Stokes, Group Communications Director for Lloyd's Register in London, said: "We now live in a world where approximately 783 million people - roughly one tenth of the world's population - do not have access to safe water. Water is also vital in power generation and agriculture and society faces some difficult decisions on how to priorities its scarce resources of water. The International Energy Agency predicts a global water crisis within 30 years. We all have a responsibility to address this global problem."
The energy division has been the primary focus of Lloyd's Register's recent acquisition activities. In the past four years, Lloyd's Register has spent £170 million acquiring offshore-drilling and risk-management specialists such as ModuSpec, Scandpower, WEST Engineering Services and, in a bid to strengthen its footing in the Indian energy sector, also acquired Mumbai-based nuclear risk specialists, Reltech Consulting. As the head for energy and power sectors, K. Swaminathan stated, "The energy sector in India is seeing a revolution. There are multiple new initiatives that are being undertaken in the areas of green energy, nuclear energy etc. Further there is a great interest in ensuring critical assets can work more reliably, efficiently and for a longer period. Lloyd's Register is excited to be a part of this growth in India and hopes to accelerate growth for the company in the country."