The Euro 44.4 billion Dax-listed German technology major Continental is investing about Rs 800-Rs 900 crore in low-emission technologies for the world’s fifth largest automotive industry in India over the next two years.
The 10-year-old Continental India is also creating 2,000 jobs as it plans to increase its permanent headcount from the present 8,000 to 10,000 by 2020.
The company would not only produce new automotive products but also enhance factory capacities in the country to meet mandatory requirement of the stringent ABS norm for two-wheelers and Bharat Stage VI emission norms for the automotive industry which kicks in from April 2019 and April 2020 respectively.
“We are investing in higher triple digit crore rupees in India over the next two years to accelerate growth coming from regulatory norms such as safety and clean air,” Prashanth Doreswamy, market head, Continental India and managing director at Continental Automotive India told Financial Chronicle.
He said every vehicle coming on road from April 1, 2020 would have to be the stringent BS VI emission norm compliant.
“This is fuelling our business growth in the country,” Doreswamy pointed out. With growing business in the country, the firm would also increase its employee strength from 8,000 to 10,000 by 2020, he pointed out.
At present Continental India has eight plants catering to the Indian market, and a Technical Center (R&D) that supports the parent’s global R&D. The R&D Center in India supports global research into future mobility such as connected cars, automated driving, safety etc.