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.
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TCS orders probe, engages external experts in Nashik Case
Mumbai: Tata Consultancy Services on Friday said it has initiated a formal internal investigation into allegations linked to its Nashik unit and engaged independent external experts to ensure transparency in the process.
Chief Executive Officer and Managing Director K Krithivasan was quoted by The Observer Post as saying that the company has appointed Deloitte and Trilegal as independent counsel to support the probe. The internal investigation is being led by Aarthi Subramanian.
The company has constituted a supervisory committee chaired by independent director Keki Mistry, which will oversee the process. The committee will also review findings and monitor the implementation of recommendations.
Krithivasan said a preliminary review of the company’s internal systems and records had not revealed any complaints of the nature being alleged through its ethics or POSH channels.
He also clarified that an employee named in media reports, Nida Khan, was not part of the human resources function and did not hold any leadership role. He informed that she worked as a process associate.
The company has also rejected reports suggesting that operations at the Nashik facility had been suspended. It asserted that the unit continues to function without disruption with a zero-tolerance policy towards misconduct.
