In what would be one of the largest FDI inflows into the country, Michelin & Cie, the world’s second-largest tyre maker, is looking to invest up to Rs 7,000 crore ($1.48 billion) in India over a 10-year period to make and market radial tyres and tubes in the country.
Incidentally, this development follows the French tyre manufacturer’s announcement to cut 2,900 jobs in France as part of a business reorganisation to focus on higher-margin tyres.
For Michelin, this project comes after a joint venture with Delhi-based Apollo Tyres failed to take off. Apollo Tyres has already given a no- objection certificate (NOC) to Michelin to start its own operations in the country even as the French tyre major continues to own around 8% in it.
Thursday, June 18, 2009
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