German auto component major and industry technology provider Bosch Group has made an upward revision in its Indian investment programme for 2010-2012 on the back of booming domestic auto market.
Talking to FE, VK Viswanathan, president of Bosch India said the group had decided to increase its investment quantum to Rs 2,300 crore from the proposed Rs 2,000 crore. The group will utilise this investment for its six separate entities in India.
Bosch, the flagship company of the group in India, will get a major chunk from the current investment programme. He said around Rs 1,300 crore would be invested in Bosch while the remaining Rs 1,000 crore would be injected in five other group companies in India.
So far in the current fiscal, the group has invested Rs 375 crore in Bosch, which produces a variety of auto components like fuel injection, car multimedia, starters, generators and energy systems at its five manufacturing facilities in Bangalore, Nashik, Jaipur and Goa.
Bosch has also hired 1,000 employees in the current financial year in a bid to match rising demand for its products in the domestic market, he added. With this, the workforce in Bosch has expanded to 11,500 from 10,500 a year ago. Except for Goa, the company has introduced the three-shift system at all its facilities to increase its production.
In the past nine months, the company?s production volumes increased by around 40% year-on-year while its revenue also increased in the same line.
The company?s net sales and income from operations increased to Rs 4,944 crore in the first nine months of the current financial year ended September, registering a growth of 42% compared to Rs 3,504 crore reported in the same period a year ago. Looking at the current growth, the fourth quarter is also expected to register a double digit growth, he added.