Technology company Continental on Wednesday signed a Memorandum of Understanding (MoU) with the Government of Karnataka for planned FDI investments to the tune of around INR 1,000 crore in the state.
A communication from the company said that the proposed investment is towards furthering the growth of its in-house Research & Development organisation - Technical Center India (TCI), which is expected to employ about 6,000 people. 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 Bengaluru.
Continental has made investments through FDI consistently over the last ten years in India and significantly in the State of Karnataka. Among the most recent investments were a high three-digit Crore INR for expansion and growth between 2018 and 2020, and the recent inauguration of a INR 200 crore INR greenfield plant in Pune. The company continues to create employment opportunities in Bengaluru, with the presence of both a manufacturing plant and an R&D center.
Gunjan Krishna, Commissioner for Industrial Development, Director, Department of Industries & Commerce, said, “The MoUs signed today will boost innovation around automotive software development, connected technologies, and autonomous mobility for the global automotive industry.”