The Bosch Group todayannounced its plans to invest Rs 1,700 crore in the nextthree years in India, that continues to offer promising opportunities for its business and broad product range.
"Looking ahead, I am happy to announce that over the coming three years, we plan to invest an additional Rs 1,700 crore in India in total," Chairman of the board of management of the Bosch Group, Dr Volkmar Denner, told reporters here.
According to company officials, a major share of this amount would be used to expand Bosch's smart campus in Adugodi hereand to modernise manufacturing facilities in the country.
The Bosch Group said it sees strong signs of recovery in the Indian market and forecasts a positive development over the mid-term.
In 2017, the Bosch Group posted strong double-digit growth as sales went up 15.4 per cent to 2.2 billion Eurosin the Indian market.
"The country continues to offer promising opportunities for our business and our broad product range," Denner said.
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Citing the latest global data, which said India has overtaken Germany to become the fourth largest automotive market in the world, he said automobile sales in Asia's third largest economy, including passenger and commercial vehicles, grew by 9.5 per cent last year.
"With such a promising future for the automotivemarket in India, we are confident about our continued growth here," he said, citing the company's sales growth in the country.
Pointing out that the transformation ofBosch into a leading IoT company is especially evident in India, Denner said "we have been investing heavily to drive this forward."