New Delhi: The world's largest auto component manufacturer Bosch Group said it plans to spend Rs 3 billion this year towards expanding capacity at its Nashik plant in India.
"We are investing in the Nasik plant to enhance production space by 35,000 square meters to meet the expansion plan. In addition, we plan to hire about 400 people in different areas of work," India unit Bosch Ltd's vice-president (commercial) Gopikumar said in a statement.
The company operates in India through its subsidiary Bosch Ltd.
The Germany-based engineering conglomerate has announced plans to invest Rs 22 billion between 2012 and 2013 to expand capacity.
The company is looking to raise capacity to meet increasing demand for its advanced diesel injection equipment, common rail injection systems and nozzle holders.
Besides, the auto component major said it is also committed to protecting environment with green technology and products.
"We have taken up several social initiatives in areas of education, healthcare, environment and community development to improve the quality of our employees and their families. We have also adopted Dubeywadi village to provide socio-economic benefits," Gopikumar said.
Earlier this year, media reports had said that the Indian entity plans to inject up to Rs 2.5 billion in its aftermarket business over the next three years.
Aftermarket refers to the buying and selling of parts or equipment for a product after the initial product is manufactured and sold.