Auto components major Bosch Ltd will invest over Rs 200 crore in India in the next five years in advanced automotive technologies and digital mobility space, Managing Director Soumitra Bhattacharya said.
The company is also “quietly and cautiously optimistic about having a double-digit growth in FY2022-23 over the previous fiscal year,” Bhattacharya, who is also the President of Bosch Group India, wrote to the company’s shareholders in the annual report for FY22.
He noted that the world is facing “unprecedented” difficulties, such as the chip shortages and supply chain crisis, the China lockdown, particularly in Shanghai, the conflict between Russia and Ukraine, and geopolitical changes.
“…this has resulted in one of the highest inflations we have seen in the world with impacts on interest rates and slowing down of the economy with a looming and possible recession,” Bhattacharya said.
In 2021-22, the company recorded a total revenue from operations of Rs 11,104.7 crore, with profit after tax at Rs 1,217 crore.
On the future plans, he said, “We are invested in the future…Bosch Ltd will invest more than Rs 200 crore in India in the next five years in advanced automotive technologies and in the digital mobility space”.
Markus Bamberger, chairman of Bosch Ltd, claims that “climate action, electrification, automation, and connectivity” are causing shifts in the company’s markets.
“Bosch global is prepared to tackle tough situations and has a strong product portfolio in electromobility with strong order books. We are also focusing our efforts on the promising field of fuel cells,” he added.
In India, Bamberger said, “Bosch Ltd will support OEMs through system expertise and participate in ecosystem partnerships to become a major player in the electrification ecosystem”.
“We will also be involved in the hydrogen ecosystem with complete powertrain modules already present in our portfolio. Our target is to continue the transformation of India’s mobility into clean, convenient, and congestion-free,” he added.
While electric vehicles will make inroads into India, Bamberger said Bosch still sees the “dominance of Internal Combustion Engine (ICE) with a share of 70 per cent to 75 per cent till 2030”.