[NEWS INDIA]: German Continental buys out Indian Modi Tyres for $18.6 million - xBhp.com : The Global Indian Biking Community

Samarth 619 · 07-21-2011, 10:02 AM

German Continental buys out Indian Modi Tyres for $18.6 million

World’s 4th largest tire manufacturing company, Continental has completely taken over Indian tire manufacturer, Modi Tyres for $18.6 million in an all share deal which concluded earlier today. In a statement released by Germany based Continental, they said that Continental and Modi Tyres had signed an agreement back on 18th April which facilitated the 100% takeover of Modi Tyres by Continental and rightly so, the takeover concluded earlier today.

The growing Indian car industry has attracted Continental in a major way. In order to increase their business in the region, Continental has taken over Modi Tyres, also known as Modi Rubber. The union will now be known by a new name in India, Continental Tyres India Ltd.

Continental Tyres India Ltd will be headquartered in New Delhi, India. When asked to reveal more about the deal by media, management of both the companies refrained from doing so. Continental added that they will be launching tires for Indian cars, buses, and trucks soon.

Source: German Continental buys out Indian Modi Tyres for $18.6 million | Rush Lane

Noor · 07-21-2011, 02:34 PM

News approved

princesirohi · 07-21-2011, 09:13 PM

good news, but no motorcycle tyres from them....

when will pirelli come to india??

07-21-2011, 10:02 AM	#1 (permalink)
Samarth 619 Moderator Join Date: Sep 2008 Location: Rajasthan Posts: 2,801	German Continental buys out Indian Modi Tyres for $18.6 million German Continental buys out Indian Modi Tyres for $18.6 million World’s 4th largest tire manufacturing company, Continental has completely taken over Indian tire manufacturer, Modi Tyres for $18.6 million in an all share deal which concluded earlier today. In a statement released by Germany based Continental, they said that Continental and Modi Tyres had signed an agreement back on 18th April which facilitated the 100% takeover of Modi Tyres by Continental and rightly so, the takeover concluded earlier today. The growing Indian car industry has attracted Continental in a major way. In order to increase their business in the region, Continental has taken over Modi Tyres, also known as Modi Rubber. The union will now be known by a new name in India, Continental Tyres India Ltd. Continental Tyres India Ltd will be headquartered in New Delhi, India. When asked to reveal more about the deal by media, management of both the companies refrained from doing so. Continental added that they will be launching tires for Indian cars, buses, and trucks soon. Source: German Continental buys out Indian Modi Tyres for $18.6 million \| Rush Lane

07-21-2011, 02:34 PM	#2 (permalink)
Noor Administrator Join Date: Mar 2003 Location: Mumbai, Maharashtra, India. Posts: 2,336	News approved __________________ Happiness is finding you have another Gear left.... Join xBhp On

07-21-2011, 09:13 PM	#3 (permalink)
princesirohi 18...till i die.. Join Date: Jan 2009 Location: Aamby Valley City, Lonavala, Pune, Maharashtra Posts: 3,344	good news, but no motorcycle tyres from them.... when will pirelli come to india?? __________________ Tyre Sizes _ Spark Plugs Pirelli & Michelin Tyres for Indian Bikes Motorcycle Headlight Focus ASHTAVINAYAK & SHIRDI BIKE TOUR WITH WIFE

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