FCC

Continental Automotive buys large space in Bengaluru

2022-09-30

German transnational company Continental Automotive has bought 8.5 lakh sq. ft of office space in Bengaluru for around Rs 850 crore, the largest buyout deal of ready commercial assets in Garden City in 2022.

The office property in Electronic City, owned by Sattva Group, is spread over 5.5 acres and can seat around 6,000 employees.

Continental has made foreign direct investments consistently over the past 10 years in India, particularly Karnataka. Additionally, in July, the German firm had signed a memorandum of understanding (MoU) with the government of Karnataka for planned foreign direct investments to the tune of around Rs 1,000 crore in the state.

The proposed investment is toward furthering the growth of its in-house research and development organisation, Technical Center India (TCI), which is expected to employ about 6,000 people.