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, â€œContinental is keen on a strategic stake above 51 percentâ€ 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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