New Delhi : Know-how firm Continental on Wednesday has signed a Memorandum of Understanding (MoU) with the Authorities of Karnataka within the presence of Chief Minister Basavaraj Bommai, for deliberate overseas direct investments to the tune of round INR 1,000 crore within the state.
The proposed funding is in direction of furthering the expansion of its in-house Analysis & Improvement group, Technical Middle India (TCI), which is anticipated to make use of about 6000 folks, the corporate mentioned in a launch.
It will increase innovation round automotive software program growth, linked applied sciences, and autonomous mobility for the worldwide automotive trade, it added. It can additionally present a fillip to the rising automotive R&D ecosystem in Bengaluru.
“The MoUs signed as we speak will increase innovation round automotive software program growth, linked applied sciences, and autonomous mobility for the worldwide automotive trade,” Gunjan Krishna, Commissioner for Industrial Improvement, Director, Division of Industries & Commerce, mentioned.
Continental has made FD investments constantly during the last ten years in India, and considerably within the State of Karnataka. Among the many most up-to-date investments have been a excessive three-digit crore INR for enlargement and progress between 2018 and 2020, and the current inauguration of INR 200-crore greenfield plant in Pune. Continental continues to create employment alternatives in Bengaluru, with the presence of each a producing plant and an R&D centre.
Continental develops pioneering applied sciences and companies for sustainable and linked mobility of individuals and their items. Based in 1871, the know-how firm provides protected, environment friendly, clever, and inexpensive options for automobiles, machines, visitors and transportation. In 2021, Continental generated gross sales of EUR 33.8 billion and presently employs greater than 190,000 folks in 58 nations and markets. On October 8, 2021, the corporate celebrated its a hundred and fiftieth anniversary.
Continental has been current in India for near 50 years via know-how partnerships (Continental Tires since 1974) and joint ventures for its numerous companies. At present, the tier 1 automotive provider, tire producer, and industrial companion function throughout India – with about 8000 staff throughout 13 places, together with seven vegetation that cater to the Indian market and a Technical Middle that helps Continental’s world R&D actions.
