Bangalore: India's largest auto component supplier, Motor Industries Company Limited (Mico) has been renamed as Bosch Limited.
The shareholders of the company approved the name change at an Extra Ordinary General Meeting held on 7 January, 2008. The new name was also approved by the Registrar of Companies, Government of India on 18 January 2008.
Consequently, the entire brand folio of the new Bosch Limited now changes to Bosch, whilst Mico will continue to be used as a brand for automotive aftermarket products.
In India, Bosch is a leading supplier of technology and services in the areas of automotive and industrial technology, consumer goods and building technology. Additionally, Bosch also has in India, the largest development centre, outside Germany, for end to end engineering and technology solutions.
''It is very positive for our future in India and a clear commitment to this markets that all our business activities are now known under the Bosch name'', said Dr Albert Hieronimus, chairman, Bosch Limited.
''Our customers will see the entire value chain of Bosch in our products and services fully backed by our global know-how network'', said V K Viswanathan, the newly appointed managing director of Bosch Limited.
Along with this change, Robert Bosch India Limited, the engineering and IT services arm of Bosch in India, has also been renamed as Robert Bosch Engineering and Business Solutions Limited (RBEI). RBEI is a 100 per cent subsidiary of the Bosch Group, and provides end to end engineering and technology solutions with a focus on automotive industry, industrial technology, consumer goods and building technology.
The Bosch Group is a global supplier of technology and services, in the areas of automotive and industrial technology, consumer goods, and building technology. Some 260,000 associates generated sales of €43.7 billion in fiscal 2006.
The Bosch Group comprises Robert Bosch GmbH and its roughly 300 subsidiary and regional companies across 50 countries. This worldwide development, manufacturing, and sales network are the foundation for further growth. Bosch spends more than €3 billion each year for research and development, and in 2006 applied for over 3,000 patents worldwide. The company was set up in Stuttgart, Germany, in 1886 by Robert Bosch (1861-1942) as ''Workshop for Precision Mechanics and Electrical Engineering.''
''The new name better reflects our global scope of operations and our core strengths in Engineering and Business Solutions'', said Friedhelm Pickhard, managing director, Robert Bosch Engineering and Business Solutions Limited. ''We will play a more integrated role in strengthening the Bosch portfolio of products'', he added.
Bosch set up its manufacturing operations in India in 1953, which have grown over the years to 11 manufacturing sites and 4 development centres, employing around 18000 associates and generating a consolidated revenue of over Rs5700 crore.