Cisco has big plans for India
Cisco Systems Inc. has revealed their plans for the India as a tech base and market for their products and services. The worldâ€™s dominating maker of equipment that directs Internet traffic now plans to invest $1.1 billion in India, which makes it a personal record for the company in a non-US market. The aim is to expand their research and sales branches in the country and fund local start-ups.
Of this bigger budget, the company is expected to spend $750 million over three years in the country on research and development as per a statement by Chief Executive John Chambers who talked with reporters in the capital city of Delhi today. They are also keeping a share of the funds to help generate equipment sales in India.
The company sees huge potential in the Indian market with expectations of sales to rise at least 30 percent annually in the next two years. Ciscoâ€™s Chief Executive John Chambers said in a statement: â€œIf India’s gross domestic product continues to grow as we anticipate, our growth rate will be well over the average.â€ He also had a meeting with telecommunications minister Dayanidhi Maran in New Delhi.
The networking giant is also considering making telecommunications equipment in India from next year as per the reports.