Financial Daily from THE HINDU group of publications
Friday, Oct 22, 2004
Financial Daily from THE HINDU group of publications Friday, Oct 22, 2004 |
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Corporate
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Outlook Bosch eyes 40 pc in Indian power tools pie Our Bureau
New Delhi , Oct. 21 BOSCH Power Tools, a division of the 36.4-billion euro Robert Bosch GmbH, Germany, seeks to capture a 40 per cent share of the power tools market in India by 2006. It will accomplish this through localisation of manufacturing and entry into the DIY (do-it-yourself) market. Bosch Power has already cornered a sizeable share of the professional power tools and accessories market since its launch in India in 1993. Bosch is the world leader in the power tools segment with most of its recent growth driven by markets outside Germany. According to a company statement, India has been recognised as one of the drivers for growth for Bosch Power Tools, given the strides that the country is making in the infrastructure and construction segment. Based on these indicators the company has already started assembling user specific power tools at its manufacturing facility at Bangalore. The power tools market in India is worth Rs 300 crore and is growing at a rate of around 12 per cent per year, with the overall economic growth, investments in infrastructure and modernizing construction practices. "Bosch and MICO will invest in the Indian market even further to secure future growth. Therefore, we will additionally focus on manufacturing and localisation in the coming years. This strategy will benefit us immensely in terms of costs, response time and service. We expect to enter into larger volumes with this strategy and increase our market shares, in volume terms and value terms. We will also integrate MICO's production facilities with the worldwide production network of Bosch Power Tools division," said Dr Albert Hieronimus, Managing Director, Motor Industries Company Ltd (MICO).
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