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"Our goal is to be able to grow in North America," said Andreas Gerstenberger, head of Continental's Industrial Fluid Solutions global business unit in a statement.
The proposed investment is towards furthering the growth of its in-house Research & Development organization, Technical Center India (TCI), which is expected to employ about 6000 people, the company said.
Additional Chief Secretary in the department of Commerce and Industries EV Ramana Reddy signed the MoUs with Petronas Hydrogen CEO Adlan Ahmaad and Continental Automotive CEO Prashant Doreswamy.
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Media reports quoting the sources said that the fire broke out in a Gemopai Electric Scooters showroom in the building. The owner of the showroom had been using the basement to store the EVs where a short circuit occurred due to overcharging of the EVs. The fire then spread on the upper floors of the building which had several hotel rooms.
With this, for the first time-ever all the three German luxury car companies, BMW, Mercedes-Benz and Audi, will have Indian executives holding the top position. Santosh Iyer will be the MD of Mercedes-Benz, Vikram Pawah is the CEO & President and CEO of BMW India, and Balbir Singh Dhillon is the head of Audi India.
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