MUMBAI, India—Michelin has secured a manufacturing deal with Indian tire maker TVS Srichakra Ltd. for bias-ply motorcycle and scooter tires for the Indian market.
Michelin and TVS signed an agreement covering the deal, which involves the establishment of a dedicated manufacturing line at TVS's plant in Madurai, India, according to a TVS filing with the Bombay Stock Exchange Ltd.
Financial terms were not disclosed.
TVS said the agreement calls for TVS to “incorporate best practices from both the companies to deliver world-class products to Indian customers.”
Michelin will design the products to be made at TVS's Madurai plant, TVS said. Capacity at the Madurai plant is listed as 3.6 million tires a year.
TVS reported sales for the year ended March 31 of $346.1 million, 12.3 percent better than the fiscal 2013-14 year.