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VMware says to invest $500 million in India over three years

(Reuters) - Virtualization software maker VMware Inc (VMW.N) said it plans to invest $500 million in India over the next three years to expand its operations.

The new investment will include about $70 million of unused funds from a $120 million investment plan announced last year, Chief Executive Pat Gelsinger said in a press conference in Bangalore.

India is VMware's second-largest operation after its headquarters in California, with offices in Bangalore and Pune.

The company, which bought privately held mobile security company AirWatch for $1.54 billion in January, is open to more acquisitions.

"We are always looking for tuck-in acquisitions to accelerate growth," Gelsinger said.

VMware shares closed at $102.22 on the New York Stock Exchange on Tuesday.

(Reporting by Supantha Mukherjee in Bangalore)