German firm Continental AG to pump Rs 1k crore into Karnataka

The company on Wednesday signed initial pacts with the Karnataka government in this regard.

Published: 07th July 2022 05:36 AM  |   Last Updated: 07th July 2022 05:36 AM   |  A+A-

Cash; Capital; investment, Credit

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By Express News Service

BENGALURU: Germany-based technology company, Continental AG, will invest around Rs 1,000 crore in Karnataka in software development, connected technologies and autonomous mobility for the global automotive industry. The company on Wednesday signed initial pacts with the Karnataka government in this regard.

The proposed investment is intended at furthering the growth of the company’s Research & Development (R&D) unit and technical centre and will employ about 6,000 people.The company said it has made investments through FDI consistently over the past 10 years in India, and significantly in Karnataka. The company specializes in manufacturing brake systems, interior electronics, automotive safety, power train and chassis components, and other parts in automotive and transportation.     

Investments for expansion and growth between 2018 and 2020 and for a Rs 200-crore greenfield plant in Pune are some of the recent investments by the company, it said.“The MoUs signed today will boost innovation around automotive software development, connected technologies, and autonomous mobility for the global automotive industry,” Gunjan Krishna, Commissioner for Industrial Development and Director, Department of Industries & Commerce, said.The proposed footprint growth will also provide a fillip to the growing automotive R&D ecosystem in Bengaluru, Continental said.



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