Wednesday, July 6, 2022

Continental Signs A Memorandum of Understanding With The Government of Karnataka

·       Continental India signs an MoU with the Government of Karnataka to increase its R&D footprint in the state

·       Planned investment to the tune of around INR 1000 Crore by way of Foreign Direct Investment (FDI)

·       Continental’s rapidly growing R&D will immensely benefit from the MoU in terms of engineering competency advancement and people growth

Technology company Continental has signed a Memorandum of Understanding (MoU) with the Government of Karnataka in the presence of Chief Minister Shri. Basavaraj Bommai, for planned FDI investments to the tune of around ?1,000 crores 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 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.

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.

Ms. 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.”

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 200 Crore INR greenfield plant in Pune. Continental continues to create employment opportunities in Bengaluru, with the presence of both a manufacturing plant and an R&D center.  

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 €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.

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