Bosch Home Appliances plans to invest €100 million in India over the next four years andset up a refrigerator factory, as it targets double-digit growth in this segment.
Addressing reporters, Soumitra Bhattacharya, MD, Bosch, and President, Bosch Group India, said, this is part of the group’s overall strategy to transition from a hardware-only company to one that can blend both hardware and software.
Bosch has its business spread across four sectors — mobility solutions (engines and other manufacturing service), consumer goods (including household appliances and power tools), industrial technology (including drive and control) and energy and building technology.
“India can be an innovation hub for developing software based on AI (Artificial Intelligence), blockchain, IoT (Internet of Things) across varied industries,” he added.
The company is yet to decide on the location for the refrigerator factory.
Bhattacharya said Bosch is gaining increased relevance by implementing robotics and automation solutions that are used in smart manufacturing and connected industry solutions. An example of this is the electronics that go into a refrigerator, which is manufactured with sensors that enable it to be controlled from a smartphone.
Recently, Volkmar Denner, Chairman of the Board of Management, Bosch Group, told BusinessLine, that in India, the transformation of Bosch into a leading IoT company is evident, and the heavy investments to drive this forward is in line with that.
In the recent quarter, Bosch’s Mobility Solutions turnover increased 12.3 per cent, with a large contribution from domestic automotive sales that went up 15.1 per cent. Within the Mobility Solutions business, the Powertrain Solutions division registered a growth of 10.3 per cent. The Automotive Aftermarket division grew 20.9 per cent after recovering from the impact of GST implementation last year.
Also, Bosch’s business beyond the Mobility Solutions sector registered a growth of 14.3 per cent. The main contributors were the energy and building technology sector and the power tools division.
In June, Bosch said it will invest ₹1,700 crore in India in the next three years as it hedges its opportunities in both electric and diesel vehicles.