German technology company Continental has inked a Memorandum of Understanding (MoU) with the Karnataka government in the presence of Chief Minister Basavaraj Bommai, for investing up to Rs 1,000 crore in the state.
The investment will be deployed for further strengthening the growth of its in-house Research & Development organisation, Technical Center India (TCI), which is expected to employ about 6,000 people. The company says the proposed footprint growth will boost innovation around automotive software development, connected technologies, and autonomous mobility for the global automotive industry. It will also provide a fillip to the growing automotive R&D ecosystem in Bangalore.
The Minister for IT, BT Dr. CN Ashwathnarayan; CM’s Principal Secretary Manjunath Prasad; Commissioner for Industries department Gunjan Krishna were present on the occasion together with Prashanth Doreswamy, President and CEO, Continental India; Latha Chembrakalam, Head of Continental Technical Center India; Valerio Fernandes, CFO, Continental Automotive India; and Deepa Sasidharan Head of Corporate Communications Continental India.
Gunjan Krishna said, “The MoUs signed today will boost innovation around automotive software development, connected technologies, and autonomous mobility for the global automotive industry.”
The German company says it has made consistent investments through FDI over the last 10-years in India, and significantly in Karnataka. Among the most recent investments went towards expansion and growth between 2018 and 2020, and the recent inauguration of a Rs 200 crore greenfield plant in Pune. At present, the company has a manufacturing plant and an R&D centre in Bangalore.