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

(Reuters) - Virtualization software maker VMware Inc said it plans to invest $500 million (297 million pounds) 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)