Continental, the world’s fourth largest tyre manufacturer, has signed an agreement with Modi Rubber Ltd. (MRL), for acquisition of a 100 per cent shareholding in Modi Tyres Company Ltd. (MTCL), its subsidiary. The completion of the transaction depends on the fulfilment 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 tyres as well as radial passenger car tyres 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.
With sales of Euro 26 billion in 2010, Continental is among the leading automotive suppliers worldwide. As a supplier of brake systems, systems and components for powertrains and chassis, instrumentation, infotainment solutions, vehicle electronics, tyres and technical elastomers, it contributes to enhanced driving safety and global climate protection.
