Bosch gets approval on M-SIPS
Published On Jul 15, 2013 10:59 AM By CarDekho
Bosch Automotive Electronics India Private Limited announced receiving approval on the investment proposal for manufacturing of Electronic Control Units (ECUs) of car engines under the Modified Special Incentive Scheme (M-SIPS). Mr. Kapil Sibal, Honourable Minister for Communication & IT and Law, handed over the approval order to Dr. Markus Hildenbrand, Managing Director, Bosch Automotive Electronics India Private Limited at E-Governance Hall DeitY, in New Delhi.
With this planned investment of around Rs. 550 crores over the next 3-5 years, Bosch continues to be strongly committed to India. Expressing his pleasure on receiving the approval, Dr. Hildenbrand said, “India is a fast developing market for Automotive Electronics. With our world class manufacturing and software capabilities Bosch will continue to use its global expertise and experience to extend the local operations in India.This support from government bolsters our confidence and strengthens the efforts to provide customized solutions for the Indian market. The dedication of the Government of India to launch the MSIPS program brings to light the huge potential we have in meeting the local demand and exports requirement.” Page 2 of 3
Commenting on this development, Dr. Steffen Berns, President, Bosch Group-India, said,“I am extremely delighted and express my sincere gratitude to the Government of India in extending this scheme to support the Electronics industry. Electronics manufacturing is at a nascent stage in India and this support will enable the industry to meet the dynamic and modern requirements, especially in the automotive domain”. Adding further, he said “Increasing demand by Indian consumers for vehicles with technologically advanced Engine Management as well as Safety Systems are the main drivers of growth for the Automotive Electronics market. We will continue to invest in this growing market and provide products of international standards, specifically tailored to the Indian requirements.”
In January 2013, at a round table chaired by Mr. Kapil Sibal, to understand the requirement of the industry, Bosch Automotive Electronics India was the first to submit its application of Rs. 550 crores under this scheme.
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