It is the Exhaust Gas Recurculation Control Unit.
It controls the valve on your exhaust manifold to recirculate some of the exhaust gas back into the air intake. This was Land Rovers way to keep the emisions in check.
You can blank off the valve on the manifold and insert a blank plate, or blank it off and completely remove the pipe from the manifold to the air intake, then remove the control unit for the EGR.
If you are not that bothered about it, as i wasn't when i fitted my cubby box, then just relocate it.
I fitted mine to the side of the security cubby box on the drivers side. Its out of the way, and i don't even notice it now.