Business

Bosch to invest Rs. 850 cr.

MUMBAI: Motor Industries Company Ltd. (Mico), the flagship company of the Bosch Group in India, where Bosch holds nearly 70 per cent stake, will undergo a name change to Bosch Ltd. Mico is the largest auto component manufacturer in India. Sales of the Bosch group will increase by about 20 per cent in 2007 to nearly Rs. 4,700 crore. In addition to the the investment proposal of Rs. 1,800 crore during 2005-08, the company would pump in Rs. 850 crore by 2010.

Apart from the expansion of common rail diesel production, the money will be invested in the manufacturing of gasoline systems components from 2008. The company also plans to commence local ABS production at the end of 2008, and production of electronic control units in 2009.

Besides name change, the board of directors of Mico has resolved a change in the company’s management team.

Albert Hieronimus, who has headed Mico for the last four years as Managing Director, will become Chairman of the board of management of Bosch Rexroth AG from February 1, 2008. At the same time, Dr. Hieronimus will take over as the Chairman of the board of directors of Mico from the outgoing Chairman Hubert Zimmerer.

V. K.Vishwanathan, Joint Managing Director, Mico, and a member of the board of directors, will take over as the new Managing Director of the company from February 1, 2008. Manfred Duernholz, Senior Vice President, Advanced Engineering in the Diesel Systems Division at Bosch, Germany, will join the Mico management team as Joint Managing Director and will be responsible for product area power train.

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