German know-how firm Continental has inked a Memorandum of Understanding (MoU) with the Karnataka authorities within the presence of Chief Minister Basavaraj Bommai, for investing as much as Rs 1,000 crore within the state.
The funding will likely be deployed for additional strengthening the expansion of its in-house Research & Development organisation, Technical Center India (TCI), which is predicted to make use of about 6,000 individuals. The firm says the proposed footprint progress will enhance innovation round automotive software program improvement, related applied sciences, and autonomous mobility for the worldwide automotive business. It may also present a fillip to the rising automotive R&D ecosystem in Bangalore.
The Minister for IT, BT Dr. CN Ashwathnarayan; CM’s Principal Secretary Manjunath Prasad; Commissioner for Industries division Gunjan Krishna had been current on the event along 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.
Gunjan Krishna mentioned, “The MoUs signed today will boost innovation around automotive software development, connected technologies, and autonomous mobility for the global automotive industry.”
The German firm says it has made constant investments by way of FDI over the past 10-years in India, and considerably in Karnataka. Among the newest investments went in the direction of growth and progress between 2018 and 2020, and the latest inauguration of a Rs 200 crore greenfield plant in Pune. At current, the corporate has a producing plant and an R&D centre in Bangalore.
Source: www.financialexpress.com”