Siemens to invest $500 M in India

By agencies   |   Wednesday, 09 February 2005, 20:30 IST
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BANGALORE:Siemens will invest over $500 million in India in the next three to four years for setting up new factories and expanding its existing capacities in the country. "Primarily the investments will be made by Siemens India as it is in financially very good shape. But if necessary, Siemens AG will also chip in with new investment plans," Siemens AG chairman of the Supervisory Board Heinrich V Pierer said. Siemens will also set up more research and development (R&D) centers and will increase the headcount of software professional in its R&D center in Bangalore. Pierer also said the company was planning to export software solutions; hardware and medium-sized switchgear from India and is eyeing a 10 per cent growth from India.