Bosch solar to shut down solar business: Report

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The company is trying to do damage control because of the losses incurred from the photovoltaic business.

German manufacturing major, Bosch, has reportedly announced that from 2014 it will be shutting down its solar energy operations, primarily owing to its heavy losses, which was posted last year. This development could clearly dent the German photovoltaics (PV) industry, which is currently undergoing a rough patch. Bosch has said that it is looking to wrap up its photovoltaics production business early next year and the whole process will begin shortly.

The PV unit of Bosch is majorly built around the buy-outs of Aleo Solar and Ersol, which reported loss of about 1 billion euros last year. The company has said in January that it was looking into all options with regard to the business that involves 3,000 staff, after writing off the assets entirely in 2012.

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In a related news, Bosch will continue with its Indian solar sojourn, as the company will offer its solar-powered products in the Indian market and has set sights on acquiring 10 per cent share in thermo-technology segment in the country over the next three years.

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