Siemens India plans $500mn expansion

Siemens India is planning to invest over $500 million in the next 3-4 years for setting up new factories and expanding existing capacities in the country.

Heinrich V Pierer, chairman of the supervisory board of Siemens AG, said: "The investments, primarily, will be made by Siemens India
as its finances are in very good shape. If necessary, Siemens AG will also chip in with new investments."

Siemens would be setting up more R&D centres, and would be adding more software professionals in the R&D centre in Bangalore, Pierer said.

"India is not only a good place for local manufacturing but also a good export base. Siemens will be adding 70 more professionals in its
Bangalore centre. We are keen on tapping the pool of engineers available in India," he added.

The company is planning to export software solutions, hardware and medium-sized switch gears from India even as it is expecting a 10% growth from India.