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Michelin and Apollo Tyres Agree to Realign Business Plans

Oct 5 2005

Michelin Group and Apollo Tyres Ltd have mutually agreed to postpone their joint industrial project located in Pune by at least one year.

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This joint venture company called Michelin Apollo Tyres Pvt Ltd or MATPL was set up to manufacture truck and bus radial tyres for the domestic market. The decision was taken at a MATPL Board Meeting held today.

The decision is based on prevailing market conditions and the pace of radialisation in the truck and bus tyre segments. While the use of radial tyres has gone up in the past two years, it is at a pace that was slower than projected by the partners. As a result of the deferment in the industrial project, the partners have decided to re-focus their respective resources towards more immediate projects. Going forward, the Pune project will be undertaken solely by the Michelin Group, which will acquire Apollo’s equity in the Michelin Apollo Tyres Pvt Ltd joint venture.

MATPL will continue to operate in India and offer the existing range of Michelin products. Michelin will remain a shareholder in Apollo Tyres Ltd and the partners will continue to explore opportunities for co-operation in India.

http://www.michelin.com/

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