Europe's largest engineering conglomerate Siemens A.G. plans to strengthen its foothold in India by investing 250 million euros ($346 million) over three years to tap into the rapidly expanding market for renewable energy.

The company started strong in India this year, announcing the receipt of orders totaling more than 500 million euros for energy technologies. One project involves the construction of a 70 million euro wind turbine factory by 2012.

Siemens intends to invest in six new manufacturing centers for signaling technologies and steam turbines, among others, by the end of 2010.

Overall, the target is to increase its market share in India to 10 percent by 2012.

Siemens claims vast experience in the Indian market, and its president, Peter Löscher, expressed confidence that India will remain one of the economic growth drivers of the world.

“Like many other nations around the globe, India is facing a green revolution. We have the products and solutions for the country and we want to further expand our position as a green infrastructure provider in India,” said Mr. Löscher.

Experts forecast that the Indian economy will grow 7 percent in 2010 and 8 percent the following year, along with the nation’s energy demands. Currently, about 30 percent of the population has no access to power, prompting the government to add 150 gigawatts over the next seven years, 20 percent of which is planned to be sourced from renewable energy by 2020.