Indian tire manufacturer Modi Rubber Company July 15, 2011, said the German tire manufacturer Continental Corporation (Continental AG) has just purchased its stake in Modi Rubber Company paid 13.4 billion rupees (US $ 30.11 million).
Modi Rubber issued a statement saying that the payments made by the Continental Group to the company had purchased 5.6 million shares of Modi Tyres, a company owned by Modi Rubber, including non-competitive fees worth 172 million Indian rupees.
The statement also stated that after the transaction is completed, Modi Tyres will become a wholly-owned subsidiary of Continental Corporation. It is reported that from 2004 to the present, the company has been responsible for the production of mainland brand tires for trucks and buses.
In April this year, Continental AG signed an agreement with Indian Modi Rubber Company, but did not disclose the details of the transaction.
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