Michelin tyres has announced that it is planning to open a factory in the Indian market in the next three years.
The French tyres manufacturer is believed to be planning to invest more than a billion euros in the project.
Michelin chief executive Michel Rollier announced in a statement: “We hope the factory will open within three years.”
Market sources say that the company is planning to invest more than one billion Euros on their new plant in the Asian market.
Michelin India Tamil Nadu Tyres already exists in India. It was formed in April this year.
Sources say that the company is now planning to acquire the operations completely to begin their Indian plans.
The news coincides with the announcement that Michelin plans to sell its 7.3 per cent remaining shares in the Apollo, the Indian tyres company.
Michelin also revealed last week that it is continuing its cost cutting spree in its domestic market and plans to shed more than 2,800 jobs in France in the next three years.