Continental Plans Modi Tire Acquisition

World’s fourth largest tire manufacturer Continental has signed an agreement with Modi Rubber for the acquisition of a 100% shareholding in Modi Tyres Company. The completion of the transaction still depends on the fulfillment of several conditions. After completion of the transaction, Modi Tyres will become a fully owned subsidiary of Continental Corporation. The company will focus on local production and distribution of bias and radial truck/bus tires as well as radial passenger car tires for the Indian market.