Global handset major Siemens India Ltd 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 V Pierer told reporters in Mumbai on Wednesday.
Siemens would be setting up more research and development (R&D) centres and it would be adding more software professional in R&D centre in 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 the 'Nasscom 2005 India Leadership Forum.'
"Siemens will be adding 70 more professionals in its Bangalore R&D centre. We are keen on tapping the pool of engineers available in India," he added.
The company is planning export software solutions, hardware and medium-sized switch gear from India even as it is expecting a 10 per cent growth from India.