Bosch to acquire minority stake in solar power companies; logs Rs 518cr Q3 net
Automotive components and consumer goods player Bosch Ltd will acquire a small stake in two solar power generation companies at an outlay of about Rs 4.88 crore.
Auto component major Bosch has temporarily ceased operations at its plant at Adugodi, Bengaluru after getting notice from the Karnataka State Pollution Control Board (KSPCB).
The company has taken the decision to close the plant after the KSPCB directed closure of all industrial units within the catchment area of Bellandur lake in Bengaluru.
"Pursuant to the above notice, the company hereby informs the temporary closure of its facilities at Adugodi, Bengaluru with effect from today," Bosch Ltd said in a regulatory filing.
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The approximate loss of turnover per day is Rs 393 lakh per day, in case supplies to the customers are affected, it said.
The company is reviewing directions of KPSCB and will consider all options for suitable relief in order to re- commerce the operations at the earliest, it added.
"The company will also ensure that deliveries to the customers are not impacted," Bosch said.
The affected companies would be able to reopen their plants once the KSPCB inspects the facilities.
"The company has always upheld highest standards with respect to environment protection and is confident that it has been operating within the prescribed environmental norms at all its facilities," Bosch added.
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