Financial Daily from THE HINDU group of publications
Sunday, Oct 31, 2004
Financial Daily from THE HINDU group of publications Sunday, Oct 31, 2004 |
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Corporate Results
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Automobile Components Mico Q3 net up 41% Our Bureau
Bangalore , Oct. 30 AUTO components maker Mico recorded a 40.56 per cent increase in its net profit to Rs 97.20 crore during the third quarter of 2004. Its sales grew 17.33 per cent to Rs 609.28 crore. During the latest quarter, Mico's German parent Bosch announced that it plans to invest around Rs 1,000 crore in India over a period of four years. Out of this investment, around Rs 550 crore will go towards production of a common rail diesel injection system by Mico. Around Rs 150 crore will be invested every year over a period of three years in other projects of Mico. These include the expansion of the Jaipur plant, which makes distribution pumps. Bosch currently invests around 25 million euros every year in its Indian operations. Bosch plans to develop its existing Indian companies, including Mico, into research and development competence centres and manufacturing hubs as part of the group's international development and production network.
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