1000 Crore Investment MoU Signed With Continental Karnataka Government

Continental has signed a Memorandum of Understanding (MoU) with the Karnataka government for planned foreign direct investment worth around Rs 1,000 crore in the state. The proposed investment aims to further grow the research and development organization of the Technical Center of India (TCI), which is expected to employ around 6,000 people.

According to the company’s press release, the proposed increase in the scope of application will facilitate innovation in the development of automotive software, connected technologies and autonomous mobility for the global automotive industry.

The event was attended by Minister of Information Technology, BT Dr KN Ashwathnarayan, Principal Secretary CM Manjunath Prasad, Commissioner of Industries Gunjan Krishna and Prashant Doreswamy, President and CEO, Continental India, Latha Chembrakalam, Head of Continental India Technical Centre; Valerio Fernandes, CFO, Continental Automotive India and Deepa Sasidharan, Head of Corporate Communications, Continental India.

Over the past ten years, Continental has consistently invested in India and significantly in Karnataka through FDI. Recent investments have included a high triple-digit investment in expansion and growth between 2018 and 2020, and the recent inauguration of a new Rs 200 crore plant in Pune.

Continental has been present in India for nearly 50 years through technology partnerships (Continental Tires since 1974) and joint ventures for various companies. Today, the tier-1 automotive supplier, tire manufacturer and industrial partner operates across India with approximately 8,000 employees in 13 locations, including seven plants serving the Indian market and a technical center supporting Continental’s global R&D activities.

Toyota Motor Corporation recently announced its plans to invest Rs 4,800 crore in its three Indian subsidiaries in environmental technology.

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