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 would invest the sum over the next 3-4 years towards personalising solutions, brand-building, strengthening its technology centre and UX studies, and setting up a robust refrigerator factory to bring its best- in-class German technology to India, a press release said.
In the coming years, Bosch would majorly 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.
These initiatives would increase new employment opportunities, the release said.
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 USD 2,028 million by 2022, the company said.
Bosch India expects its business in this sector to grow significantly over the coming years, it said.
In line with this insight, Bosch has steadily expanded its product portfolio with major focus on localised offerings and India-first innovations built with the highest quality of German engineering, it added.
"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 and accessories, including branded detergents for washing machines and dishwashers," BSH Household Appliances MD and CEO Neeraj Bahl said.
"We will also increase our dominance in the cooking appliance segment by introducing newer product categories in both freestanding and built-in range," he said.