Bosch plans to invest Rs 2 bn in India over next 5 years

Auto components major Bosch Ltd will invest over Rs 2 billion in India in the next five years. The spending will be on advanced automotive technologies and in the digital mobility space, the company’s Managing Director Soumitra Bhattacharya said. The company is quietly and cautiously optimistic about having a double-digit growth in FY2022-23 over the previous fiscal year, Bhattacharya, who is also Bosch Group India President, wrote to the company's shareholders in the annual report for FY22. He said the world is going through unprecedented challenges like a supply chain crisis, including continued chip shortages; the China lockdown, in particular Shanghai; the Ukraine-Russia War and geopolitical shifts. 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 111.04 billion, with profit after tax at Rs 12.17 billion. According to Bosch Ltd Chairman Markus Bamberger, the company's markets are in flux due to climate action, electrification, automation, and connectivity, but added that Bosch global is prepared to tackle tough situations.Also Read: Kerala draft policy proposes an intelligent transport systemTechEagle, India Post collabs to deliver mail via drone in Gujarat