Continental acquires Indian tyre maker
Official Press Release by Continental AG
Hanover/Delhi, 18 April 2011: The international automotive supplier and the world’s fourth largest tire manufacturer Continental has signed an agreement with Modi Rubber LTD. (MRL), for the acquisition of a 100% shareholding in Modi Tyres Company Limited (MTCL), a subsidiary of MRL. The completion of the transaction still depends on the fulfillment of several conditions.
After completion of the transaction, MTCL will become a fully owned subsidiary of Continental Corporation. The company will focus on local production and distribution of bias and radial truck/bus tires as well as radial passenger car tires for the Indian market.
This development underlines Continental’s commitment to the Indian market and is part of the company’s strategy to invest in growing markets in Asia for its core businesses.
