Conti wants controlling stake in Modi-reports

ERJ staff report (DS)

Mumbai - The Indian press reports that Continental AG is in advanced talks to buy a controlling stake in Modi Rubber. An unnamed executive was quoted saying, “Continental is keen on a strategic stake above 51 percent” adding, "Continental was waiting for [Modi] to turn around and repay its lenders before it picks up a stake."

Conti did not respond immediately to requests for clarification.

Conti is the only major tyre maker without existing or planned manufacturing facilities in India.

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