Continental AG sets up Indian plant

German automotive major Continental AG has set up a Rs2.2 billion (US$51.07 million) greenfield plant in India to manufacture electronic components for the booming local automobile market. The projected annual growth rate of 15% is a huge opportunity to leverage our expertise in vehicle technology and supply affordable components and systems to Indian and multinational original equipment manufacturers OEMs (OEM),” Continental Asian President Jay Kunkel said. The Rs1.4 trillion (US$32.5 billion) global major has been shipping a range of electronic components from its plants at Hanover, Germany and Shanghai, China, to Indian OEMs. It has also been supplying mechanical clusters, sensors and belts from its manufacturing facilities at Manesar, Gurgaon and Sonepat in Haryana, Pune in Maharashtra and Kolkata in West Bengal, all in India. Continental AG also plans to increase its investments in China. (July 11/15, 2008)