German automotive supplier Bosch plans to invest €170 million ($248 million) in India by 2010, company officials said Thursday.
„Our response to India’s strong economic growth and increasing motorization is to expand local development and manufacturing,” Bernd Bohr, chairman of Bosch’s Automative Group, said at a media briefing in Mumbai, according to a company statement. He said Bosch had invested more than €325 million in the country between 2005 and 2008, and a further €170 million would be invested by 2010.
The funds would be largely invested in manufacturing gasoline system components, braking systems and electronic control units, the statement said.
Bosch has also decided to rename its flagship subsidiary, Motor Industries Company Limited (MICO) to Bosch Limited. The company would continue to use MICO brand name for selling some of its products. Bosch has increased its stake in equity of MICO from about 60% to 70%, Bohr said.
Sales of the Bosch Group in India was projected to rise by 20% in 2007 to touch €815 million (about $1.15 billion), the release said. „India’s dynamic growth is clearly reflected in our performance,” Bohr, who is a member of the Bosch board of management, said. (m&c.com)