GERMAN tyre company Continental has signed an agreement with India-based V K Modi Group to acquire its tyre business, Modi Tyres. Terms were not disclosed. The supplier said the completion of the transaction depends on the fulfilment of several conditions. After completion of the transaction, Modi Tyres will become a fully owned subsidiary of Continental. 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.
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