German company Bosch Home Appliances on Wednesday said it would invest 100 million euros (around Rs 800 crore) over the next 3-4 years in the Indian market.
The company said it is expanding its product portfolio in India by providing localised offerings to tap the fast-growing home appliances market in the country.
“Bosch Home Appliances will invest 100 million euros 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 best-in-class German technology in India and magnifying India’s role globally,” the company said in a statement.
According to Bosch, India’s household appliances market is expected to grow 14.5 percent annually from 2018-2022, resulting in a market volume of $2,028 million.
“In the coming years, Bosch will take its offerings from conventional to digital and transform businesses beyond mobility, by focusing on connectivity and new digital business models for customer value, as well as extending new employment opportunities in the space,” it added.
The company has already started localised offerings in segments as top-loader washing machine, mixer grinder, and microwave oven.