UPDATE 2-Data giant EMC to double India investment by 2010 http://today.reuters.com/stocks/QuoteCompanyNewsArticle.aspx?view=CN&storyID=2006-06-20T133033Z_01_DEL287170_RTRIDST_0_TECH-INDIA-EMC-UPDATE-2.XML&rpc=66
Tue Jun 20, 2006
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NEW DELHI, June 20 (Reuters) - EMC Corp. (EMC.N: Quote, Profile, Research), the world's largest computer storage firm, will double its investment in India to $500 million by 2010, and the extra money will mainly be spent on research and development, a top official said on Tuesday.
The U.S. firm will also double its 1,600-strong India workforce by 2008 as it boosts its operations in Asia's third-largest economy.
"We are not in India because it is low cost. Yes, that is a great benefit. There are countries that are lower cost than India but we are making our investments here," Joe Tucci, EMC's chairman, president and CEO, told reporters.
"We are here because you have knowledgable people. They are educated, innovative and they have a tremondous work ethic."
The Massachusetts-based company began its Indian operations in Oct. 2000, and today has a wholly-owned subsidiary with offices in New Delhi, Mumbai and Bangalore. It runs a software development and support centre in Bangalore, India's tech hub.
MCE has over 350 customers in India including top mobile services firm Bharti Airtel Ltd. (BRTI.BO: Quote, Profile, Research), the country's second-largest lender, ICICI Bank (ICBK.BO: Quote, Profile, Research), and third-largest software services company, Wipro Ltd. (WIPR.BO: Quote, Profile, Research).
"EMC has committed to double its existing investments in India by 2010 from $250 million announced in February 2005 to over $500 million," a company statement said.
The firm's biggest rivals include Hewlett-Packard Co. (HPQ.N: Quote, Profile, Research), International Business Machines Corp. (IBM.N: Quote, Profile, Research) and Hitachi Ltd. (6501.T: Quote, Profile, Research).
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