Bosch Home Appliances on Wednesday said it would invest 100 million euros in India to scale IoT-based product solutions and generate new employment opportunities.
The company will invest the amount over the next 3-4 years towards personalising solutions, brand-building, strengthening its technology centre and setting up a robust refrigerator factory to bring its German technology to India, a press release said.
In the coming years, Bosch would focus on connectivity with its IoT-based product solutions, strengthen its entry-level portfolio, introduce relevant global products and new digital business models for customer value (D2C), it said.
Appliances hold potential
The household appliances market in India is expected to grow at 14.5 per cent annually (CAGR 2018-2022), resulting in a market volume of $2,028 million by 2022, the company said. Bosch India expects its business in this sector to grow significantly.
“We’d like to maintain our premium brand imagery and want to remain the consumers’ first choice backed by innovation and technology as our key pillars at BSH Household Appliances and we are constantly working towards simplifying the day- to-day lives of consumers by re-inventing and regionalising solutions, including branded detergents for washing machines and dishwashers,” said Neeraj Bahl, MD and CEO, BSH Household Appliances.
