A Project Report On

“Bosch India Ltd”

Post Graduate Diploma in Management (Marketing)

By

EXECUTIVE SUMMARY:-
Bosch is the leading auto parts manufacturing company. It is
basically German based company having branches in around 60
countries. Bosch Limited (formerly Motor Industries Company Ltd.
MICO) is the flagship of Bosch in India headquartered in
Bangalore.

We carried out this project to find out PEST analysis, SWOT

analysis, marketing strategies like product, place, promotion,
pricing strategies and various CSR activities of Bosch India ltd.

The company generated net sales of Rs. 4749.8 crores in 2009.

The Bosch Group holds close to 70% stake in Bosch Limited. The
largest auto component manufacturer in the country has
registered a net profit of Rs 609.20 crore in 2008, an increase of
14.2 per cent than the previous year despite witnessing a
sluggish trend in the automotive market Bosch Limited.

In 2008 the company exported goods worth of Rs 573 crores, an

increase of over seven per cent than previous year.

INDEX
Sr.N Title of content Page No.
o.
1. Introduction 1

2. History 2

3. Vision 2

4. Organization Structure 3

5. Financial Performance 4

6. Market Capitalization 7

7. Executive profiles 8

8. Business Operations and Plant 9

locations all over the world

9. Joint Ventures and Alliances 10

10. Business status/market Situation 10

11. PEST analysis 11

12. Porter's five forces model and 12

competitor analysis

13. SWOT analysis 14

14. Market Strategies 16

15. Corporate Social Responsibility 22

16. New product opportunities 24

INTRODUCTION:-
The Bosch Group is one of the world’s biggest private industrial
corporations. Headquartered in Stuttgart, Germany, the Bosch
Group has some 282,000 employees worldwide, and generated
annual sales revenue of 45.1 billion euros in 2009. There are
about 300 subsidiary and regional companies around the world.

Founded in 1951, Bosch Limited is India’s largest auto component

manufacturer and also one of the largest Indo – German company
in India. The company generated net sales of Rs. 4749.8 crores in
2009. The Bosch Group holds close to 70% stake in Bosch
Limited.

Bosch Limited has a strong nationwide service network which

spans across 1,000 towns and cities with over 4,000 authorized
representations to ensure widespread availability of both products
and services. The company is headquartered in Bangalore with
manufacturing facilities at Bangalore, Naganathapura (near
Bangalore), Nashik, Jaipur and Goa.

In India, the Bosch Group operates through the following

companies -

• Bosch Ltd.

• Bosch Chassis Systems India Ltd.

• Bosch Rexroth India Ltd.

• Robert Bosch Engineering and Business Solutions Ltd.

• Bosch Automotive Electronics India Private Ltd.

• Bosch Electrical Drives India Private Ltd

HISTORY:-
On November 15, 1886, Robert Bosch opened a “Workshop for
Precision Mechanics and Electrical Engineering” at 75 B
Rotebuhlstrasse in Stuttgart. The special ownership structure of
Robert Bosch GmbH guarantees the entrepreneurial freedom of
the Bosch Group, making it possible for the Company to plan over
the long-term and to undertake significant up-front investments in
the safeguarding of its future.

In India the Company was Incorporated on 12th November, in

Chennai and shifted to Bangalore on 16th November, 1953. The
main objects of the company are to manufacture spark plug for
petrol engines and fuel injection equipment for diesel engines in
technical and financial collaboration with Robert Bosch GmbH,
West Germany. Trade Mark is `MICO'.

VISION:-
Creating values - sharing values

If we want to work successfully as a team in a global and complex

world, then we need a common image of the future for our
company. This image – this vision – will help us bring our strategic
thinking into clear alignment.

The Bosch slogan 'Invented for Life' is part of its long tradition,
through which it communicates the Group's core competencies
and vision, that include technological leadership, modernity,
dynamics, quality and customer orientation.

ORGANIZATION STRUCTURE:-
 Chairman

Directors

Joint Managing Director

Managing Director

Board of Directors:
S.No Name Designation
1 Dr.A Hieronimus Chairman / Chair Person
2 Mr.B Steinruecke Director
3 Dr.B Bohr Director
4 Mr.B Muthuraman Director
5 Mr.Prasad Chandran Director
6 Mrs.Renu S Karnad Director
7 Dr.Manfred Duernholz Joint Managing Director
8 Mr.V K Viswanathan Managing Director

FINANCIAL PERFORMANCE:-

Income Statement:
 (Rs. in Crore)
December ' 08 December ' 07 December ' 06 December ' 05 December ' 04
12 Months 12 Months 12 Months 12 Months 12 Months
Income :
Operating Income 4,640.21 4,295.28 3,806.15 3,000.16 2,359.98

Expenses
Material Consumed 2,608.95 2,390.47 2,068.69 1,630.39 1,112.69
Manufacturing Expenses 157.75 148.46 147.54 129.99 102.10
Personnel Expenses 530.40 480.65 393.78 373.57 338.15
Selling Expenses 252.84 228.94 180.73 105.80 66.98
Administrative Expenses 367.65 304.38 316.65 225.43 204.72
Expenses Capitalized -29.10 -19.26 -14.03 -32.50 -20.66

Cost Of Sales 3,888.50 3,533.64 3,093.37 2,432.68 1,803.98

Operating Profit 751.70 761.64 712.78 567.49 555.99

Other Recurring Income 193.28 162.98 119.83 105.02 81.69

Adjusted PBDIT 944.99 924.62 832.61 672.50 637.68

Financial Expenses 8.73 3.75 6.41 13.56 4.22

Depreciation 302.46 253.91 246.48 198.09 98.88
Other Write offs 0.00 0.00 0.00 0.00 0.00

Adjusted PBT 633.79 666.96 579.71 460.86 534.58

Tax Charges 231.94 265.90 270.39 211.55 192.70

Adjusted PAT 401.85 401.06 309.32 249.31 341.88

Non Recurring Items 137.23 61.40 149.91 9.87 2.15
Other Non Cash adjustments 94.79 146.74 88.76 83.89 30.74

Reported Net Profit 633.86 609.21 547.99 343.07 374.77

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Earnings Before Appropriation 633.86 609.21 547.99 343.07 374.77

Equity Dividend 80.06 80.13 51.28 38.46 32.05

Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 13.61 13.62 7.57 5.70 4.19
Retained Earnings 540.20 515.46 489.14 298.91 338.53
 5

Balance Sheet:
December ' 08 December ' 07 December ' 06 December ' 05 December ' 04
12 Months 12 Months 12 Months 12 Months 12 Months
SOURCES OF FUNDS
Owner's Fund
Equity Share Capital 32.02 32.05 32.05 32.05 32.05
Share Application Money 0.00 0.00 0.00 0.00 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves & Surplus 3,063.43 2,531.36 2,009.91 1,520.78 1,221.87
Loan Funds
Secured Loans 9.92 12.37 15.72 18.00 24.41
Unsecured Loans 254.44 232.72 189.08 150.82 123.47
Total 3,359.81 2,808.50 2,246.76 1,721.65 1,401.80

USES OF FUNDS
Fixed Assets
Gross Block 2,728.56 2,345.89 2,102.68 1,829.00 1,489.37
Less : Revaluation Reserve 0.00 0.00 0.00 0.00 0.00
Less : Accumulated Depreciation 2,119.94 1,858.83 1,653.87 1,445.21 1,294.68
Net Block 608.62 487.07 448.81 383.79 194.69
Capital Work-in-progress 167.11 158.32 92.74 88.45 64.36

Investments 866.53 1,063.78 726.79 520.82 554.09

Net Current Assets

Current Assets, Loans & Advances 2,873.44 2,197.73 2,114.78 1,768.20 1,363.13
Less : Current Liabilities & Provisions 1,155.88 1,098.40 1,136.37 1,039.61 774.46
Total Net Current Assets 1,717.57 1,099.33 978.42 728.59 588.67
Miscellaneous expenses not written 0.00 0.00 0.00 0.00 0.00
Total 3,359.83 2,808.50 2,246.76 1,721.65 1,401.81
Note :
Book Value of Unquoted Investments 851.15 1,003.82 663.66 480.41 471.69
Market Value of Quoted Investments 136.79 312.89 213.59 147.71 149.81
Contingent liabilities 180.02 285.37 156.19 166.95 184.52
Number of Equity shares outstanding (in
380.51 380.51 380.51 380.51 380.51
Lacs)

Market Capitalization:-
Capital Structure
Period Instrument Authorized Issued Capital -PAIDUP-
Capital
From To (Rs. cr) (Rs. cr) Shares (nos) Face Value Capital
2008 2008 Equity Share 38.05 32.02 32024871 10 32.02
2007 2007 Equity Share 38.05 32.05 32051500 10 32.05
2006 2006 Equity Share 38.05 38.05 38051460 10 38.05
2005 2005 Equity Share 38.05 32.05 32051460 10 32.05
2004 2004 Equity Share 38.05 38.05 38051460 10 38.05
2003 2003 Equity Share 38.05 38.05 3805146 100 38.05
2002 2002 Equity Share 3.81 3.47 3205146 10 3.21
2001 2001 Equity Share 38.05 34.05 3405146 100 34.05
2000 2000 Equity Share 38.05 36.05 3605146 100 36.05
1986 1999 Equity Share 38.05 38.05 3805146 100 38.05
1982 1986 Equity Share 19.03 19.03 1902573 100 19.03
1975 1976 Equity Share 12.68 12.68 1268382 100 12.68
1973 1975 Equity Share 8.46 8.46 845588 100 8.46
1972 1973 Equity Share 8.46 7.5 750000 100 7.5
1964 1972 Equity Share 3.85 3.75 375000 100 3.75
1963 1964 Equity Share 2.25 2.25 225000 100 2.25
1961 1962 Equity Share 2 1.8 180000 100 1.8

The current price of Bosch ltd share is 4896 on 29/04/2010.

So Market Capitalization=No of shares*Current market value

=32024871*4896

=156793768416 Rs.

Executive profiles:-
Chairperson:-
Dr. Albert Hieronimus:

Dr. Albert Hieronimus has been the Chairman of the Executive

Board at Bosch
Rexroth AG since February 2008. The PhD mathematician has
nearly 30 years
of industry experience at Mannesmann and Bosch Group
companies.
Throughout this time, he has assumed various leadership
positions; his scope of
knowledge and experience ranges from sales, finances and
planning to
management accounting, human resources, development and
information
processing.

Directors:-
Mr. Prasad Chandran:

56, is a post-graduate in Chemistry

and has a Masters degree in Business Administration.

Dr. B. Bohr:

52, holds a Diploma in Production

Engineering and a Doctorate in Engineering from the
University of Aachen, Germany.

Mr. B. Muthuraman:

65, holds degree in Metallurgical

Engineering from (IIT), Madras and Masters Degree in Business
Administration from (XLRI), Jamshedpur.

Mrs. Renu S Karnad:

56, holds a Bachelor Degree

in Law from the University of Bombay and Masters
Degree in Economics from Delhi School.
8

Business Operations and Plant locations all

over the world:-
The Bosch Group is one of the world’s biggest private industrial
corporations. Headquartered in Stuttgart, Germany, the Bosch
Group has about 300 subsidiary and regional companies around
the world. The plants are located in nearly 60 countries that
include India, China, America, Africa, Singapore, Turkey,
Argentina, Belarus, Bulgaria, Chile, Colombia, Croatia, Estonia,
Indonesia, Ireland, Israel, Kazakhstan, Latvia, Lithuania,
Luxembourg, Malta, New Zealand, the Philippines, Serbia and the
United Arab Emirates.

Bosch has 3 different business sectors-

1. Automotive Technology

2. Industrial Technology

3. Consumer goods and building technology

Joint Ventures and Alliances:-

Bosch has alliance with TATA in India.Bosch is designing the
diesel engine for TATA NANO.

Business status/market Situation:-

 The largest auto component manufacturer in the country has

registered a net profit of Rs 609.20 crore, an increase of 14.2
per cent than the previous year despite witnessing a
sluggish trend in the automotive market Bosch Limited.

 The diesel business grew by 12 per cent, starter and

generator business by 22 per cent and gasoline by 5 per
cent.

 In 2008 the company exported goods worth of Rs 573 crores,

an increase of over seven per cent than previous year.

 Motor Industries posted net sales of Rs 37,837 Million in

2008 registering a growth of 27% over the previous year.
The Profit Before Tax (PBT) stood at Rs 7,983 Million which is
21% of net sales (as against 18% in 2007). The Profit After
Tax (PAT) stood at Rs 5,480 Million, which is 14.5% of net
sales (as against 11.5% of last year). This profit includes one
time effect of sale of properties at Chennai and Bangalore
for Rs 1,463 Million.
 10

PEST analysis:-

Political Factors:

Basically Bosch is a German company so establishment in any other

country and the terms related to taxation are the political factors for Bosch
group. Similarly in the transportation tremendous excise duty can be
political disturbance in export and import.

Economic Factors:

As the Bosch is the German based company, the subsidies provided by the
Indian government are less as compared to other companies in India.

Sociocultural Factors:

Due to the giant corporate in sector Bosch ltd has to do many kind of CSR
activity like charitable trust, scholerships, natural calimitys’ funds etc.So
they can increase brand value and goodwill for company.

Technological Factors:

As the Germany is highly well known about the technology, they can
integrate various technologies to bring fully automation in the organization,
which increase effectiveness, efficiency and can be the reason for
operational cost cutting. In this way they can increase the margin.
 11

Porter's five forces model and competitor

analysis:-
Bargaining power from supplier:

Bosch requires raw materials for production of auto parts, brakes,

and spark plugs like alluminium, asbestos and copper. Asbestos is
rare in India so need to import from other countries. So need to
spend more on transportation.
 12

Bargaining power from buyers:

If the prices of products of other company are less, then customer

will get attracted towards that products or they bargain for
products provided by Bosch.

Threat from substitute:

The substitutes for the products of Bosch like for spark plugs, oil
filters, brakes, ignition parts by other company products. So these
products should be available in low prices so that other company
products can’t substitute Bosch products.

Threat from Rivalry:

The various competitors present in the market provides the

components at low costs. So it affects the Bosch products.

Threat from new entrance:

The new companies entering in the market may adopt
penetrating pricing policy. So the prices of Bosch products should
be such that they can’t affect on the Bosch market.

13

SWOT analysis:-

Strengths:

 Established brand image around the world over the centuries.

 High Customer satisfaction.
 Continuous improvement of products and quality.
 Streamlined procedures for every function of the company.
 The company’s corporate social responsibility has helped to develop its
brand and the market.
  Employees are given great importance, this has resulted in less employee
turnover, and this has helped to curtail hiring and training costs.
 Less dependency on external funds.
 Leadership through innovation.
 Employee’s contribution towards work is noticeable.
 Continuous improvement of products.
 Wide portfolio of loyal customers.
 Bosch is cash rich, so dependency for external funds is minimal.

Weaknesses

 Marketing of products is given less importance.

 Adaptability towards change is low.
 Unionized work environment.
 Concentration is given to create monopoly opportunities in the market.
 Performance appraisal of the employees is not satisfactory.

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Opportunities

 Continuous innovation of products.

 Produce innovative products
 The Indian automotive segment is growing in excess of 40% annually and is
being flushed with a whole new range of cars and bikes. This gives a lot of
opportunity to auto ancillary companies like Bosch to be tied up with these
car manufacturers for original equipment (O.E) supply and after sales
service.
 Launch of TATA Nano – Bosch has an opportunity with the launch of the
TATA Nano car as Bosch is the supplier of the engine and the braking
system of the car. If the car is a hit in the market it would help Bosch to
develop and to improve similar type products.
 Bosch can foray into other line of business as it has a good brand image.
 It can produce eco friendly to replace existing products as the market for eco
friendly products are growing and the economic forums have cited the need
for these products.

Threats

 Increase of competition.
 Brand image being diluted.
 Too many substitute products available in the market.
 Growing bargaining power of suppliers and customers.
 Traditional method of working of the business.
 15

Market Strategies:-

A) Product Strategies:

Products Strategies includes the attributes about the product,

form in which the products appearance features of the products
and branding the particular product.

Auto parts manufactured by Bosch are more durable than the

other brands available in the market. Though the prices of Bosch
products are more than competitor’s prices, the Bosch products
like sparkplugs, diesel engines are more demanded in the market.
The brand and logo Bosch appears on the packaging of the
products.

B) Pricing Strategies:

Pricing is the critical marketing mix which actually produces the

revenue. Pricing objectives play important role while deciding on
pricing. BOSCH is the market leader in the automotive component
manufacturing especially in sparkplug and CRDI (Common Rail
Diesel Injection) System. It has 80% market share in sparkplug
business India and 75% business in CRDI. It has different pricing
objectives for different products.
The pricing of BOSCH ltd is aligned with its corporate strategy.
The parent company BOSCH keeps aside 92% profit of its
business for the charity. So BOSCH is not the profit seeking
organization.

16
Pricing Objectives of BOSCH:

1) Product- Quality Leadership:

Though the company is the market leader in Indian business, the quality is the
central aspect of its business. By providing highest quality of technical product and
efficiency with market acceptable prices it aims to establish itself as a product
quality leader in the market.

India is not the capitalistic country.BOSCH is the market leader with quality
products so it might seek higher prices (i.e. prices more than competitive prices).
To avoid predatory pricing by any OEM, government may intervene in the pricing
strategy and may force company to rethink its policy. To avoid this possible threat,
company has competitive pricing for all its components.

Pricing Methods:

1) Volume Based Pricing:

BOSCH keeps volume based pricing for large volume components like sparkplug.
For higher volume products, the price per unit of component is decreased. This is
achieved through economies of scale in technology. It has a high operating
leverage which makes volumes, the key driver to its profitability. Also it is OEM
of all auto components so it can sustain vibrancy in the market.
2) Market Skimming:

Market skimming is done for its SPM (Special Purpose Machines).

These machines are customized product of BOSCH. Every client
has different technical specification for SPMs. These machines are
made from high end technology. They are not produced on large
volume basis. So SPM are quoted with higher prices.

17

General Practices Followed for Pricing:

1) Different Prices for different customers:

The price per unit of component varies from customer to customer for same
product. It depends upon the volume of business, relationship with customer etc.

2) Negotiation:

Prices are negotiated for all products. It starts from the highest
levels and brought down to the acceptable prices to both the
parties. Value and technological advancements are core aspects
during negotiations.

C) Place Strategies (channels and physical

distribution):

DISTRIBUTION
The distribution of company’s products is classified broadly in two types, direct
selling and the other is through distribution channels.
In direct selling, products are shipped directly to the customers of the company at
Ex- factory cost.
The BOSCH has pan India presence for distribution of its products to serve its
entire client base through its distribution channel. It has divided entire country into
four geographical locations. They are northern region, southern region, eastern
region and western region. Each region has sales offices and Sales houses.

Northern region:
Sales Office- Chandigarh, Panchkula, Lucknow
Sales House- New Delhi
Southern Region:
Sales Office- Bangalore, Secundarabad, Ernakulam
Sales House- Chennai
Eastern Region:
Sales Office- Guwahati, Patana, Cuttack
Sales House- Kolkata

18
Western Region:
Sales Office- Ahmedabad, Indore, Jaipur
Sales House- Mumbai.

The Dealer network is segmented into:

Authorized distribution:
These institutes have company’s products and they sell the products with license
from the company.

Authorized Workshop:
These are the small workshops where defective products are taken back and made
functional again or replaced if required. These are helpful for reverse logistics.

Stockist:
Stockists of the OEM (customers of BOSCH) are distributed products of the
company.
Authorized Sales Outlet:
Company sales its small components like sparkplugs directly to the end user
through its more than 2500 retail outlets across India.

THE SELLING PROCESS

Order taking (e-tendering)

Order Processing

Kick off strategy

- Planners of manufacturing unit interact

- Warehouse
- Distribution

19

D) Promotion Strategies (IMC):

The special ownership structure of the BOSCH Group guarantees financial

independence and entrepreneurial freedom. The structure also enables the group to
undertake significant up front investments for the future and does justice to its
social responsibilities in a manner reflecting the spirit and will of its founder. 92%
of the shares in Robert Bosch GmbH are held by the charitable foundation Robert
Bosch sifting.
The slogan “Invented for Life” is part of its long tradition, through which it
communicates the Group’s core competencies and vision that includes
technological leadership, modernity, dynamics, and quality and customer
orientation.
The company has its roots in Germany, but has also always had a strong
international orientation. In the areas in which they do business, hardly any other
companies have such a broad global presence. Their global production and
development sites work together as a very closely-knit network. This network and
the company’s global experience have put them in an excellent position to exploit
opportunities in current and future growth regions of the world.

1. On Track Program. Students are encouraged to take up

Industry based Project works and Industry based internships at
Bosch. Industrial Visits are arranged for students. Training programmes and
workshops are arranged for students in emerging fields like CAD/CAM/CAE and
Advanced Materials.

2. SIAM Convention. Every year, Bosch actively participates in SIAM convention

(Society of Indian Automobile Manufacturers) which is the apex industry
association representing all vehicle and vehicular engine manufacturers in India. It
got into discussions involving the following issues during the convention in August
2009 –
o “Revival – The Current Progress in Reviving The Global Automotive Industry &
Positioning The Indian Automotive Industry in The Future” o “Restructuring -
Build A Viable Industry Model: Challenges Facing The Commercial Vehicle
Industry” o “Sustainability – Role of Collaborative Working” o “Sustainable
Mobility - Connecting India: Making a Paradigm Shift” o “Leadership in The Two
Wheeler Industry” 19
20
3. Trade Exhibitions. Bosch has continuously displayed its capabilities in various
renowned trade exhibitions around the globe. It has been participating in Auto
Expo at Pragati Maidan, New Delhi, Tokyo Motor Show, IAA, IMTX and many
more. Auto Expo is organized jointly by Automotive Component Manufacturers
Association of India (ACMA), Confederation of Indian Industry (CII) and Society
of Indian Automobile Manufacturers (SIAM) and is a biennial event. The
following are the visitor profiles at such exhibitions:

• Overseas buyer delegations

• International Business visitors
• Dealers Delegations
• Government Officials
• Senior Executives of PSUs
• CEOs/Decision Makers
• Managers/Department /Division Heads
• Engineers / Technicians
• State Transport Authorities
• Research Institutes / Educational Institutions
• Publication Houses
• Delegations from Technical Institutions
• Socialites
• General Visitors

4. Customized Websites. Bosch operates in various fields of component

manufacturing. It has broadly categorized its products and divisions and each is
having a different portal for easy understandability.

5. Automobile and industrial magazines.Bosch regularly

advertises its products and work-culture in magazines like
Autocar, Motor Trend, Top Gear, Overdrive, Auto India etc. These
magazines are published on a regular schedule, containing a
variety of articles on new vehicles, car interiors and technological
advancements in automobiles

21

Corporate Social Responsibility:-

CSR ACTIVITIES:

A) Environment Protection –Milestones:

1991 Automated effluent treatment plant commissioned in

Bangalore works to treat 250 kl/day of process effluent.
1994 Sewage treatment plant commissioned in Naganathapura
works to treat and recycle 120 kl/day of domestic effluent.

1999 Sewage treatment plant was commissioned in Bangalore

works to treat and recycle 250 kl/day of domestic effluent.

2000 Sewage treatment plant was upgraded in Nashik works to

treat and recycle 300 kl/day of domestic effluent.

2001 Facilities to treat and recycle process effluent and sewage

commissioned in Jaipur works.

2002 ISO 14001 certification for Bangalore works. Automated

effluent treatment plant commissioned in Nashik works to treat
and recycle 150 kl/day of process effluent.

State of the art incinerator commissioned in Nashik works.

First meeting of Robert Bosch -Environment, Health and Safety

(RB-EHS) steering committee held in Bangalore works.

2003 ISO 14001 certification for Nashik and Jaipur works.

Elimination of Cyanide salts from heat treatment process.

22

2005 Golden Peacock Special Commendation Certificate for

Nashik works. Total elimination of Cyanide from plating process.
Elimination of R12 refrigerant – an Ozone depleting substance
from coolers in Naganathapura and Jaipur works.

State of the art incinerator commissioned in Bangalore works.

About 13 Mio lts. of rain water harvested.

2006 Golden Peacock Eco-Innovation Award for Bangalore works.

B) Robert Bosch “Art Grant”:-

The latest Robert Bosch Art Grant has been established with an
aim to provide support to artists with promising talent that falter
visibility only because of financial constraints.

C) Recycling:-

Bosch is one of the leading international suppliers for

remanufacturing used car parts.

D) Sustainable mobility:-

Bosch is striving to achieve a form of sustainable mobility which is

low in pollutants and independent of fossil fuels.

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New product opportunities:-

 As having excellence in technology, they will have a good

potential in electronics market.

 They can start production of factory machines.

 They can enter in engine oil segment.

 They have tie up with the bigger industries like Bajaj, Tata,
TVS, Honda, Mahindra and Mahindra so they can start
production of wheels.

24