Bengaluru, Oct 5 (IANS) German auto components major Bosch India has decided to shut production for 10 days per month in the third quarter (October-December) of fiscal 2019-20 due to slowdown, said an official on Saturday.
“We have informed the stock exchanges in a regulatory filing on Friday that we will observe no production for 10 days per month during the third quarter (October-December), 2019,” the official told IANS here.
With 10 days a month, production in its plants across the country will be curtailed by 30 days of the quarterly's 90 days.
“The 10-day reduction will enable us to align production with sales of powertrain solutions,” said the city-based firm in a statement.
The 68-year-old German subsidiary which was earlier known as Mico Industries, has 18 manufacturing sites and seven development and applications centres across India.
“The global economy faces many uncertainties and headwinds. Escalating trading tensions, increasing nationalistic approaches and Brexit related issues have necessitated reshaping of global business models,” said Bosch India Chairman V. K. Viswanathan recently in a statement here.
The German behemoth is a leading supplier of mobility solutions, industrial technology, consumer goods and energy and building technology.
“The rapid growth of digital economy, increasing usage of automation, artificial intelligence and internet of things and services disruptive technologies and business model led to disruptive technologies and business models,” added Viswanathan.