NEW DELHI: US technology giant Cisco on Thursday said that it is committed towards manufacturing in India and will invest $2 billion in the country this year.
The company, which pumps in $1.7 billion every year, will invest additional $60 million in India on training and facility expansion.
“We are investing big in India. We are committing manufacturing in India. We need to skill people here for the jobs. We plan to directly and indirectly invest up to $20 million to train additional 1,20,000 students by 2020,” Cisco Systems chairman and CEO John T Chambers said here.
Talking about India manufacturing, Chambers said that to accelerate the development of India’s electronics manufacturing ecosystem, Cisco will organize a conclave of 75 of its key suppliers in Bengaluru in February, to drive collaboration on product development here.
“… will start manufacturing in India within two quarters from regulatory issues and tax related corrections are put in place,” he said.
Chambers, however, did not explain regulatory and tax structure-related changes that company expects government should put in place.
Cisco’s CEO-designate Chuck Robbins said that company invests $1.7 billion every year, which includes $250 million on R&D in India.
A company spokesperson said that while $20 million investment on training is spread over five years, the $40 million investments on expansion of facility is going on at the moment.