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Business

Siemens to Expand in India

Global handset major Siemens is planning to 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 von Pierer told reporters on Wednesday. Siemens would be setting up more research and development (R&D) centers and it would be adding more software professionals in the R&D center in the southern India city of Bangalore, Pierer said. "India is not only a good place for local manufacturing but also export base," he said while speaking on the sidelines of a "Nasscom 2005 India Leadership Forum. Siemens will be adding 70 more professionals in its Bangalore R&D center. We are keen on tapping the pool of engineers available in India," he added.

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