German engineering major Siemens will invest Rs 1,600 crore (€250 million) in India over the next three years, said global CEO and president Peter Loescher, who's in India as part of the business delegation with the German President Horst Koehler.
This is double of the company's current investment level in India according to Loescher. He said the planned investment will be for entering the renewable or green energy market and expanding presence in value-priced products.
Coinciding with this investment, the company plans to increase its workforce in India from 17,000 to 25,000 by the year 2012.
Siemens aims to generate revenue of about Rs 6,500 crore (€1 billion) by the financial year 2020 with value-priced products from India, top officials said. That would mean a 10-fold increase in revenue from the current Rs 650 crore (€100 million).
Koehler said the company was targeting development of airports and ports. While Siemens is already in a contract for the Bangalore International Airport, the company is exploring opportunities in developing around 200 airports expected in the country over the coming years.
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