The Hindu Business Line : Bosch group to invest Rs 1,000 cr in MICO

Dr Albert Hieronimus, Managing Director, MICO, with Mr Dhiraj Wali, Business Head of Security Technology Division, at a press conference in Mumbai on Friday. - Paul Noronha

Mumbai , Dec. 9

THE Bosch Group of Germany on Friday said it was extremely bullish on India and announced plans for its Indian ventures, including Rs 1,000 crore investments into MICO (Motor Industries Company Ltd), its auto component subsidiary based in Bangalore by 2007-08.

The company was also confident of turning Bosch Security Systems, the security technology division of MICO, into a leading domestic supplier of security, fire protection, access control and related products, Dr Albert Hieronimus, Managing Director, MICO, said at a news conference here.

"For Bosch Security Systems, we are looking at purely organic growth," he said, ruling out an acquisition in that sector in the country saying, "there is hardly any company in India that has a strong manufacturing base."

Bosch Security, which reported Rs 26.2 crore revenues last year, was expecting to touch about Rs 40 crore this year, said Mr Dhiraj Wali, business head, Bosch Security Systems, India. The company's competitors in the sector are Honeywell and Tyco, among others.

Dr Hieronimus said the key focus for Bosch Security would be the domestic market as the local economy was booming. "The Indian market is so bullish. All my capacity will be used to cater to domestic customers," he said.

For MICO, he said the company would invest Rs 1,000 crore in the next three years for expansion.

On Pune-based Kalyani Brakes Ltd, where the Robert Bosch Corporation holds 80 per cent stake, Dr Hieronimus said an EGM has been convened to change the name of this subsidiary to Bosch Chassis Systems India Ltd.

Asked about further acquisition plans, he said, "we will use the opportunities" if there are any.

Through its four subsidiaries in India — MICO, Bosch Security, Kalyani Brakes, Bosch Rexroth India, the group employs over 13,000.

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