India to become significant contributor to global revenue in next 5 years: John Cockerill’s Global CFO

From shared service hubs to green hydrogen gigafactories, John Cockerill’s Group CFO Frédéric Lemaître sees India not just as a market, but as a strategic growth pillar. He expects India to become a significant contributor to their global revenue in the next five years. 

“We see massive long-term potential here, not just in domestic operations… India is set to represent a significantly larger share of the group’s operations in the future,” said Lemaitre.

The company develops technological solutions, and its strategic footprint spans multiple sectors like energy, defense, green hydrogen, steel, and services. As per the Global CFO they are actively aligning with India's National Hydrogen Mission, the green steel roadmap, and the defense localization agenda. They have major partnerships in each of these sectors, including with Greenko (hydrogen), L&T (energy), and Electro Pneumatics & Hydraulics (EPHL) (defense). “The goal is to co-develop, co-invest, and co-innovate with Indian stakeholders,” he said.

John Cockerill Hydrogen recently secured €116 million in fresh capital, reaffirming investor confidence and fueling its global ramp-up in electrolyser production across Europe and India.

Lemaître has been with the company for the last 14 years and joined the Finance Department as Group Accounting Manager in 2012. Lemaître initially held various positions within the Cockerill steel group, now ArcelorMittal. In an exclusive conversation with FECFO, he shares his perspective on deep local partnerships, and alignment with India’s industrial roadmap and more. In an exclusive conversation with FECFO, he shares his perspective on deep local partnerships, and alignment with India’s industrial roadmap and more.

How important is India to John Cockerill’s global growth strategy over the next five years?

India is set to become a significant contributor to our global revenue. The pace of industrial growth, policy support in sectors such as hydrogen and defense, and India's strategic location make it a natural focus market for us. We see massive long-term potential here, not just in domestic operations, but also in making India a hub for exports and innovation.

I believe that over the next five years, India will become an important part of our business. Compared to today, India is set to represent a significantly larger share of the group’s operations in the future.

John Cockerill India (JCIL) is central to our plans. We are already a key player in green hydrogen and steel technology, and India’s industrial demand aligns perfectly with our expertise.

India is not just another market, but it’s a strategic pillar for the group. The country’s growth momentum, rising demand, and policy-driven initiatives in sectors like steel, green hydrogen, and defense align perfectly with what John Cockerill can deliver. This is why we’ve invested in building not only a project presence but also a full organisational structure that is close to decision-makers, regulatory agencies, and key stakeholders in India.

Are there specific growth targets or capacity expansions planned in India?

Yes, absolutely. Our employee base in India is expected to grow from around 600 today to over 1,000 by 2028. We're also expanding our technology and service delivery footprint, particularly in green hydrogen, solar energy, and defense systems. The aim is not just growth, but long-term presence and value creation.

John Cockerill has been in India since 2008. What’s changing now in terms of strategic alignment?

One major shift is in governance. We’ve moved away from a centralized corporate model in Belgium to a hub-based corporate model. India is now a key regional hub—alongside the US—with its own corporate structure, allowing us to be closer to policymakers, partners, and clients. It’s about agility, compliance, and local empowerment.

Where do you see potential new partnerships or collaborations in India, beyond the ones you are already strengthening?

Our priority is to strengthen and deepen these relationships for the long term rather than pursuing short-term opportunities. The aim is to fully develop what we have already committed to with our current partners.

However, green hydrogen remains a top priority for us, particularly through partnerships in the electrolyzer business. We are a producer of electrolyzers and will certainly continue to invest in this sector in India. While we are currently executing several projects, we see significant scope to grow with our partners here.

In our legacy steel business, we are exploring new technologies such as solar power and energy storage—these discussions are still at an early stage, but we see promising potential.

In defense, we recently signed a new partnership just a few months ago. There’s still a lot of work ahead to fully develop this collaboration, but we are committed to building it into a strong, long-term relationship.

What is the hub-based corporate model and how is it shaping in India?

A few years ago, our group structure was highly centralized in Belgium, with corporate functions managing global operations. As the company grew with increasing regulatory complexity so we shifted to a hub-based corporate model. Now, regions like India have their own corporate setup, closer to the market and its decision-making processes.

This allows us to:

• Maintain direct contact with policymakers and government stakeholders.

• Stay informed in real-time about regulations, compliance requirements, and incentives, such as the PLI scheme.

• Leverage local expertise to better support business and operations.

We began this model with India because of its strategic importance, and we’ve done the same in the US. The next step is expanding similar hubs in regions like the Middle East to accelerate growth and strengthen regional autonomy.