Continental inks pact to acquire Modi Tyre Company

Monday, 18 April 2011, 19:35 IST
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New Delhi:German tyre major Continental announced that it will acquire Modi Tyre Company for an undisclosed amount. "The international automotive supplier and the world's fourth largest tyre manufacturer Continental has signed an agreement with Modi Rubber (MRL), for the acquisition of a 100 percent shareholding in Modi Tyres Company (MTCL), a subsidiary of MRL," the company said in a statement. "After completion of the transaction, MTCL will become a fully owned subsidiary of Continental Corporation," the statement added. The completion of the transaction, however, depends on the fulfilment of several conditions, it added without giving further details. Post acquisition, the company will focus on domestic market with local production and distribution of bias and radial tyres for trucks and buses, besides radial passenger car tyres for the Indian market.
Source: PTI
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