Cisco ( CSCO) said it would invest $1.1 billion in India in coming years in an effort to lay the groundwork for a new growth market.

The San Jose, Calif., networking company said it would spend $750 million on research and development, $150 million on leasing and $100 million each on venture capital and customer support. The news came as CEO John Chambers met with leading Indian politicians and told reporters he expected to see the Indian market showing 30% annual growth in coming years, Reuters reported.

Cisco also said it would support India's so-called e-governance plan and build an Internet protocol next-generation network lab in Chennai.

The news comes as Cisco continues to generate massive amounts of cash from its strong position in the market for corporate communications systems; however, attempts to revive the company's once unstoppable growth engine have flagged.

Cisco closed at $16.98 Tuesday.