By Oliver Hall
Continental is the latest manufacturer to set its sights on entering the lucrative Indian tyres market.
The German tyres company has watched its competitors, including Bridgestone and Michelin, venture into the area and now it is keen to follow the same path and capitalise on the fast growing market.
Helmut Matschi, a member of Conti’s executive board, said: “India is one of the key markets for our future growth and Continental AG is interested in the passenger car tyre market as well as looking for opportunities to enter the market.”
However, the company said it has no immediate plans or a timetable for when it will enter the competitive Indian tyre market.
Claude d’Gama Rose, managing director of Continental India, added: “It is too early to say how it rolls out and when we will enter the market.”
Conti already has a foot in the door under its joint venture with Modi Tyres which produces and sells truck tyres in India under the German brand name.
But with India’s passenger tyre market growing rapidly – 35% to 40% per year, according to reports – and the commercial segment continuing its 50% annual growth rate, Conti sees opportunities to expand beyond a joint venture.