Zigwheels Home

Continental Tyres Company Ltd takes over Modi Tyres Company Ltd

by Abhishek Chaliha Posted on 19 Jul 20115,647 Views2 Comments

German tyre giant Continental AG acquires 100% stake in Modi Tyres Company Limited sealing its commitment in the Indian tyre market

 

The German tyre giant Continental has started its Indian subsidiary, Continental Tyres India Limited. This move was made by Continental completely buying out Modi Tyres Company Limited (MTCL), a subsidiary of Modi Rubber LTD. The purchase price for the 100% acquisition of MTCL’s shares was approximately 18.5 million Euros. Both the companies have agreed to keep their commercial transaction details confidential. The result of the transaction is that MTCL has become a wholly owned subsidiary of Continental Corporation and will be known as Continental Tyres India Limited. 

 

Continental Tyres India Limited will start local production of bias and radial tyres for trucks, buses as well as radial tyres for passenger vehicles for distribution within the territory of India. 

 

 

 

 

Continental’s business plan as put down by Nikolai Setzer, member of Continental’s Executive Board and Head of the Passenger and Light Truck Tyre (PLT) Division stated that Continental’s strategy aimed at local production of both passenger and commercial vehicle tyres in growing markets in the Asian continent. Setzer went on to say, “India’s truck tyre market is of outstanding relevance worldwide and exceeds with a size of 18 million tyres per year.” Setzer also said that the Passenger and Light Truck Tyre (PLT) shows substantial growth rates in the original tyre procurement by vehicle manufacturers and in the tyre replacement market as well. Continental’s 140 years of experience in the production of quality premium tyres for commercial and passenger vehicles will make its presence felt in our market.

 

Continental Tyres India Limited has decided to have its registered Indian office located in New Delhi. While its two production houses will be situated in Modipuram and Partapur.  

 

Post Your Comment

Do you like this story?

Continental GT3 R is Bentley's most powerful V8

by Anand Mohan

580PS churning GT3 R is a limited edition variant...

Continental launches radial truck tyres in India

by Punam Chavan

Continental has announced the launch of radial...

1:18 2009 Bentley Continental Supersports: Model Review

by Cyrus Dhabhar

This budget rendition of the Bentley Continental...


 
SPECIAL COVERAGE

Honda Mobilio: Special Coverage

Honda makes its entry into the MPV segment with the Mobilio. This 7-seater will be offered with two...

2014 Toyota Corolla Altis: Special Coverage

The 2014 Toyota Corolla Altis, in its 11th generation, has been launched in India starting at Rs...

 

Read Next Story