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Exxon to set up $500m centre in Bengaluru

The Times of India:  May, 2015

Bengaluru: Exxon Mobil, one of the world's biggest companies, is making a massive $400-500 million (Rs 2,500 crore - Rs 3,150 crore) investment in Bengaluru to establish a technical and business support services centre, multiple sources told TOI. The move comes at a time when international oil prices have plunged, putting enormous pressure on oil majors to cut costs.

The sources told TOI that an additional investment of several hundred million dollars is being considered to establish a technology and R&D centre in India. The oil & gas major, with a turnover of $412 billion last year, is the second biggest US company by revenue, after Wal-Mart. It's variously estimated to be the fifth or sixth biggest company in the world.

The Bengaluru centre will initially have about 1,000 employees, and one source said it was expected to grow to 5,000-6,000 employees when fully operational.

When contacted, an Exxon Mobil spokesman declined to comment on the investment figure, but confirmed that the company was "establishing a new affiliate to develop a business support centre in Bengaluru later this year to provide a range of technical and business support services for the company globally." Operations, the company said, are expected to begin in late 2015.