Continental signs MoU with Karnataka for INR 1,000-cr investments on R&D, Auto News, ET Auto

New Delhi : Technology company Continental on Wednesday has signed a Memorandum of Understanding (MoU) with the Government of Karnataka in the presence of Chief Minister Basavaraj Bommai, for planned foreign direct investments to the tune of around INR 1,000 crore in the state.

The proposed investment is towards furthering the growth of its in-house Research & Development organization, Technical Center India (TCI), which is expected to employ about 6000 people, the company said in a release.

This will boost innovation around automotive software development, connected technologies, and autonomous mobility for the global automotive industry, it added. It will also provide a fillip to the growing automotive R&D ecosystem in Bengaluru.

“The MoUs signed today will boost innovation around automotive software development, connected technologies, and autonomous mobility for the global automotive industry,” Gunjan Krishna, Commissioner for Industrial Development, Director, Department of Industries & Commerce, said.

Continental has made FD investments 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 INR 200-crore greenfield plant in Pune. Continental continues to create employment opportunities in Bengaluru, with the presence of both a manufacturing plant and an R&D centre.

Continental develops pioneering technologies and services for sustainable and connected mobility of people and their goods. Founded in 1871, the technology company offers safe, efficient, intelligent, and affordable solutions for vehicles, machines, traffic and transportation. In 2021, Continental generated sales of EUR 33.8 billion and currently employs more than 190,000 people in 58 countries and markets. On October 8, 2021, the company celebrated its 150th anniversary.

Continental has been present in India for close to 50 years through technology partnerships (Continental Tires since 1974) and joint ventures for its various businesses. Today, the tier 1 automotive supplier, tire manufacturer, and industrial partner operate across India – with about 8000 employees across 13 locations, including seven plants that cater to the Indian market and a Technical Center that supports Continental’s global R&D activities.

New Delhi : Technology company Continental on Wednesday has signed a Memorandum of Understanding (MoU) with the Government of Karnataka in the presence of Chief Minister Basavaraj Bommai, for planned foreign direct investments to the tune of around INR 1,000 crore in the state.

The proposed investment is towards furthering the growth of its in-house Research & Development organization, Technical Center India (TCI), which is expected to employ about 6000 people, the company said in a release.

This will boost innovation around automotive software development, connected technologies, and autonomous mobility for the global automotive industry, it added. It will also provide a fillip to the growing automotive R&D ecosystem in Bengaluru.

“The MoUs signed today will boost innovation around automotive software development, connected technologies, and autonomous mobility for the global automotive industry,” Gunjan Krishna, Commissioner for Industrial Development, Director, Department of Industries & Commerce, said.

Continental has made FD investments 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 INR 200-crore greenfield plant in Pune. Continental continues to create employment opportunities in Bengaluru, with the presence of both a manufacturing plant and an R&D centre.

Continental develops pioneering technologies and services for sustainable and connected mobility of people and their goods. Founded in 1871, the technology company offers safe, efficient, intelligent, and affordable solutions for vehicles, machines, traffic and transportation. In 2021, Continental generated sales of EUR 33.8 billion and currently employs more than 190,000 people in 58 countries and markets. On October 8, 2021, the company celebrated its 150th anniversary.

Continental has been present in India for close to 50 years through technology partnerships (Continental Tires since 1974) and joint ventures for its various businesses. Today, the tier 1 automotive supplier, tire manufacturer, and industrial partner operate across India – with about 8000 employees across 13 locations, including seven plants that cater to the Indian market and a Technical Center that supports Continental’s global R&D activities.