Continental to double growth in India

Continental AG, one of the largest tyre manufacturers in the world, is planning to ramp up business and hopes to double its growth in India.

"Continental made significant investment in India in the last quarter by acquiring Modi Tyres and further committed an investment of 50 million Euros to ramp up the tyre business in the country," the company said in a statement on Friday.

The company had announced that it would increase the production of the Modipuram plant beyond half a million truck and bus tyres this year and to more than one million units in 2013.

Continental also expanded the India Technical Centre in May this year, and plans expansion of its automotive facilities in Pune and Manesar by early 2012, the release said.

Continental's ContiTech division is also looking at an aggressive growth in the country. Phoenix Conveyor Belt India (PCBI) Ltd (formerly Phoenix Yule), based in Kolkata is looking at increasing its turnover in the next few years.

It is looking at sizable investments in the country for capacity expansion, backward integration, setting up a technology centre for emerging markets.

PCBI has a 57,000 sq mt 20,000 MT capacity plant in Kalyani, West Bengal.

In a recent visit to India, Continental AG Executive Board Chairman Elmar Degenhart said India has been witnessing a growth for some time now and is a huge market with lots of opportunities.