Michelin-Apollo Tyres set up venture in India

CLERMONT-FERRAND, France (Nov. 17)—Groupe Michelin and Apollo Tyres Ltd. have agreed to set up a joint venture company in India to produce and sell radial truck and bus tires, and to market other tire types. Also, Michelin is buying a 14.9 percent interest in Apollo Tyres for $28 million. In a Nov. 17 news release, the firms said Michelin will own 51 percent and Apollo Tyres 49 percent of Michelin Apollo Tyre Ltd., and the partners will invest about $70 million in the joint venture during the next four years to build a tire factory. Michelin also will provide technical assistance to Apollo Tyres for the manufacture of Apollo radial passenger tires.