NEW DELHI (Reuters) -Cisco Systems will begin manufacturing from India in a move to diversify its global supply chain, Chief Executive Officer Chuck Robbins said on Wednesday, setting a target of $1 billion in domestic production and exports over next few years.
Cisco, which sells a range of networking equipment and software to connect devices to the internet, did not reveal the investment size, but said it will support the growing demand from customers in India and expand supply chain capabilities.
The announcement followed a meeting between Robbins and Prime Minister Narendra Modi in New Delhi.
Modi’s government has been working towards establishing India as a global electronics hub, courting suppliers and device assemblers to set up base in the country.
“India is of strategic importance for Cisco, and we continue to bet on India. Today’s announcement marks a significant milestone to power the next phase of growth for Cisco,” country head Daisy Chittilapilly said in a statement.
(Reporting by Munsif Vengattil in New Delhi; Editing by Louise Heavens and Christina Fincher)