Bosch Ltd's CFO to boost manufacturing in India

Bosch Ltd, the Indian arm of German automotive supplier Robert Bosch GmbH, plans to increase its manufacturing in India over the next two to four years, according to the company's CFO. 

The focus is to reduce the reliance on imports of components, which resulted in a 12% increase in spending on traded goods last quarter. Currently, around 54% of goods are traded, while 46% are manufactured locally. The company aims to shift this ratio in favor of more locally manufactured goods, aligning with India's "local for local" ambitions.

Bosch anticipates a nearly 15% growth in sales for fiscal 2024, driven by rising demand for higher-priced vehicles like sport-utility vehicles (SUVs) in the Indian market. To introduce new technology in India, Bosch will initially focus on finished goods and then proceed with the localization of individual components.

Content source: Media reports