Europe's
biggest engineering group, Siemens, said on Tuesday it would invest $346 million in India over three years, mostly to make wind
turbines to tap into a rapidly expanding market for renewable energy.

The German company will add 8,000 jobs in India by 2012, taking its workforce to 25,000 in the Asian nation, but said this was not a move to shift production to low-cost countries.

"Not at all. It doesn't mean that," Chief Executive Peter Loescher told reporters in the Indian capital when asked if Siemens would shift operations to countries like India.

"It means exactly the opposite. We're taking advantage of the Indian growth opportunity, we're adding specifically tailored products," he said.

Siemens had previously said it would cut 2,000 jobs in Germany
and was eyeing reductions in other locations on falling demand, adding it would take time before production returned to pre-crisis peaks of 2007/08.

Loescher, who is in New Delhi as part of a delegation with visiting German President Horst Kohler, declined to answer questions on job cuts in Germany and other locations.

Siemens, which has been in India for more than 140 years and built the first telegraph line between Kolkata and London in 1867, will begin work on a wind turbine plant in two to three weeks and begin shipments from 2012.

The plant will have an initial annual capacity of 200 megawatts (MW) and would be later ramped up to 500 MW, India chief Armin Bruck said.

Siemens plans to increase its local revenue by 10 times to 1 billion euros ($1.4 billion) by 2020 and Loescher said much of this would come through organic growth.
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