Michelin announced on Nov. 16 plans to invest nearly $900 million to build a plant to supply tires to India's fast-growing vehicle market.
The plant will make radial truck and bus tires and mainly target the country's domestic market.
"We believe that India holds tremendous potential for the Michelin Group in terms of establishing a world-class manufacturing facility," said Prashant Prabhu, head of Michelin's Africa-India-Middle East division.
The Michelin Group is investing 40 billion rupees (US$867 million) to build the plant at Thervoy Kandigai, 50 kilometers north of Tamil Nadu state capital Chennai. The plant will start operations in 2012.
Copyright Agence France-Presse, 2009
