Continental signs MOU with Karnataka for R&D investment of INR 1,000 cr, Auto News, ET Auto

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Continental has made FD investments consistently over the past ten years in India, and significantly in the state of Karnataka.

New Delhi: Technology company Continental on Wednesday signed a Memorandum of Understanding with the Karnataka government in the presence of Chief Minister Basavaraj Bommai, for planned foreign direct investment of about INR 1,000 crore in the state.

The proposed investment aims to further grow its in-house research and development organization, Technical Center India (TCI), which is expected to employ around 6,000 people, the company said in a statement.

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

“The MoUs signed today will drive innovation around automotive software development, connected technologies and autonomous mobility for the global automotive industry,” said Gunjan Krishna, Commissioner for Industrial Development, Head of Department industry and commerce.

Continental has made FD investments consistently over the past ten years in India, and significantly in the state of Karnataka. Among the most recent investments were a high triple-digit INR for expansion and growth between 2018 and 2020, and the recent inauguration of a new INR 200 crore factory in Pune. Continental continues to create employment opportunities in Bengaluru, with the presence of a manufacturing plant and an R&D center.

Continental develops pioneering technologies and services for the sustainable and connected mobility of people and their goods. Founded in 1871, the technology company provides safe, efficient, smart and affordable solutions for vehicles, machinery, traffic and transportation. In 2021, Continental achieved sales of 33.8 billion euros 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 almost 50 years through technological partnerships (Continental Tires since 1974) and joint ventures for its various activities. Today, the automotive supplier, tire manufacturer and tier 1 industrial partner operates across India – with approximately 8,000 employees across 13 locations, including seven factories that serve the Indian market and a technical center that supports Continental’s global R&D activities.

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