German group chalks out 100mn euros investment in India
Chennai, June 3 : German consumer durable major BSH Hausgerate GmbH will invest about 100 million euros in India for a new refrigerator plant and also towards expansion, technology, marketing and brand building, said a senior company official.
"Over the next four or five years, we will invest 100 million euros in India into products, facilities and research and development (R&D)," Michael Schollhorn, Chief Operating Officer told IANS here. "Globally, per year we invest about 650 million euros into projects and other activities."
Schollhorn was here in connection with the laying down of the foundation for the new refrigerator plant next to its existing washing machine plant in Sriperumbudur.
"The investment in the new refrigerator plant will be 50 million euros and the plant will make 500,000 units per annum," Rudolf Walfort, Regional Operations Officer - Asia Pacific, BSH Household Appliances Manufacturing Private Ltd told IANS.
Currently importing and outsourcing the top end refrigerators, BSH Household Appliances will make the mass market products at its new factory expected to go on stream by 2021.
Till date the 13.8 billion euros revenue German group has invested about 100 million euros in India that includes a 300,000 units per annum washing machine plant. Schollhorn said that India was one of the fastest growing household appliances markets.
"Though Europe continues to be our major market, four years ago the group decided to grow in other regions," Schollhorn said.
The German company wants to make its Indian subsidiary BSH Household Appliances Manufacturing Private Ltd a significant player in the domestic consumer durables market.
"In the refrigerators our focus will be on the twin door products with 260-360 litre capacity. The products will be priced competitively and designed for typical Indian usage," Gunjan Srivastava, Managing Director and CEO, BSH Household Appliances told IANS.
According to Srivastava, by 2025 the company will have a double digit market share in the domestic refrigerator market.
"Currently the Indian refrigerator market size is about 10 million units," Srivastava said.
In the Indian market, BSH Household Appliances is present in the washing machines (front and top loading), cooking range, dishcare and built-in appliances. Srivastava said the washing machine capacity will also be expanded by 200,000 units to 500,000 units per annum.
On the distribution side, he said the company's products are available in 250 cities and it will be expanded as the market grows.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Bengaluru: Four arrested for using students' bank accounts in online fraud scheme
Bengaluru: The Bengaluru Southeast Division CEN police have arrested four individuals in connection with an online investment scam that exploited students' bank accounts for fraudulent activities.
The accused, identified as Abhay Daan Charan (19), Aravind Kumar (19), Pawan Bishnoi (18), and Sawai Singh (21), hail from Rajasthan. They allegedly lured the public by offering part-time jobs involving online ratings with promises of high returns. Initially, they provided small profits to gain trust, but later convinced victims to invest in online platforms, only to siphon off their money.
One victim, who lost ₹12.43 lakh to the scam, filed a complaint with the Southeast Division CEN police. Investigations revealed that the accused had opened multiple bank accounts under the names of students to carry out their fraudulent activities.
Based on the leads, two of the accused were apprehended from Udaipur, Rajasthan, while the remaining two were arrested from a paying guest accommodation in Bommanahalli, Bengaluru.
The police seized 19 mobile phones, 2 laptops, 20 SIM cards, 34 bank passbooks, 106 credit and debit cards, 39 cheque books, and ₹75,000 in cash from the accused. These items were used in executing the fraud.
Further investigation is underway.
