Bosch will invest ₹1,700 crore in the next three years in India as it hedges its opportunities in both electric, diesel vehicles and also transitions into a technology company by focussing on Internet of Things (IoT) and Artificial Intelligence (AI), reported The Hindu Business Line.
The German tech major, which built its empire by selling auto components, is now betting on shifting its focus on technologies like AI and IoT as it sees the consumer shift towards that direction.
“Here in India, the transformation of Bosch into a leading IoT company is especially evident and we have been investing heavily to drive this forward,” said Volkmar Denner, Chairman of the Board of Management, Bosch Group.
In line with this change, the Adugodi plant in Bengaluru is being revamped from a manufacturing facility into a technology hub with investments of ₹370 crore in the last three years and more than eight lakh electric vehicles (EVs) on the road worldwide contain Bosch components.
Simultaneously, Bosch set up an AI centre in Bengaluru, and a Connected Mobility Solutions division in India too, with an intent to shape the mobility of the future from a technology and standards perspective.
The German major’s India arm saw its mobility solutions registering a 5.9 per cent growth, domestic business grew 8.6 per cent (higher than industry average of 7 per cent) and business sectors beyond mobility solutions such as security systems, energy and building solutions posted 16.8 per cent growth.