Continental, Karnataka government sign MoU for investments worth Rs 1,000 crore

Continental has signed a Memorandum of Understanding (MoU) with the Government of Karnataka for planned FDI investments to the tune of around Rs 1,000 crores in the state. The proposed investment is towards furthering the growth of its Research & Development organisation, Technical Center India (TCI), which is expected to employ about 6000 people.

The proposed footprint growth will boost innovation around automotive software development, connected technologies, and autonomous mobility for the global automotive industry, the company said in a press release.

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.

Continental has made investments through FDI consistently over the last ten years in India, and significantly in Karnataka. Among the most recent investments were a high three-digit crore investment for expansion and growth between 2018 and 2020, and the recent inauguration of a Rs 200 crore greenfield plant in Pune.

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.

Toyota Motor Corporation recently announced its plans to invest Rs 4,800 crore across its three India subsidiaries for green technologies.

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