Continental plans Rs 1,000 crore foreign direct investment in Karnataka

Mumbai: Germany-based technology company Continental on Wednesday said it has planned to bring in foreign direct investment of around Rs 1,000 crore in India's southern state Karnataka to boost innovation 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, Continental said.

The proposed investment is intended at furthering the growth of the company's Research & Development (R&D) unit and Technical Center India (TCI), which is expected to employ about 6,000 people, it said.

The company said it has made investments through FDI consistently over the past 10 years in India, and significantly in Karnataka.

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, adding, Continental continues to create employment opportunities in Bengaluru through its manufacturing facility as well as the R&D centre.

"The MoUs (Memorandum of Understandings) 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.