Bosch Ltd to increase manufacturing in India – CFO

BENGALURU, August 1 (Reuters) – Bosch Ltd (BOSH.NS)The Indian arm of German auto supplier Robert Bosch GmbH is looking to boost manufacturing in India over the next two to four years, the company’s chief financial officer said on Tuesday.

The technology provider plans to increase the percentage of goods produced locally in India to reduce its imports of components, which led to a 12% increase in spending on traded goods last quarter.

“Currently, we have approximately 54% traded products and 46% manufactured products,” CFO Karin Gilges told a news conference, adding that Bosch plans to shift this ratio in favor of manufactured products to align with the “local by local” of the country in India. “ambitions.

Bosch expects sales for fiscal 2024 to grow nearly 15% as it hopes to benefit from increased demand for more expensive vehicles in the country.

The Indian market is experiencing rising demand for more expensive cars such as sport utility vehicles (SUVs), which accounted for more than half of the country’s record 4 million passenger car sales in fiscal 2023. data shown in april.

Bosch’s process of bringing new technology to the Indian market will initially involve finished products, followed by the localization of individual components, Gilges added.

Reporting by Varun Vyas and Aleef Jahan in Bangalore; Edited by Shweta Agarwal

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