ExxonMobil to set up Rs. 3,000 crore R&D Centre in Bangalore

American oil and gas company ExxonMobil, is planning to set up a technology and research and development centre in India. The company is believed to be investing US $ 400-500 million (Rs. 2,500-3,150 crore for the facility. While ExxonMobil has not commented on the amount of investment, it has confirmed the development.

The new centre will come up in Bangalore and is expected to house 1,000 employees initially. By the time the centre is fully functional, it is expected to have 5,000-6,000 employees. The facility is expected to begin operations in late 2015.

It must be noted that at the moment, oil prices have plummeted. This has put pressure on oil companies to cut costs.

ExxonMobil had a turnover of US $ 412 billion last year. It is the second biggest American company by revenue, after Wal-Mart and estimated to be the fifth or sixth biggest company in the world.

Source: ET Auto