NEW DEHLI (Oct. 19, 2009)—India's government has agreed to sell off the shares it indirectly holds in conveyor belt maker Phoenix Yule for $13.6 million to Continental's ContiTech unit.
Phoenix Yule is a joint venture between Continental A.G., who owns 74 percent, and state-owned Andrew Yule & Co. Ltd. of Kolkata, India, who owns 26 percent.
Phoenix Yule is one of the largest manufactures of conveyer belts in India and was formed when Andrew Yule spun off its conveyor belting unit, selling the majority of shares to Phoenix. Andrew Yule retained a minority share. It is these shares which are now being sold.