German tire maker Continental AG (Continental AG) company and the family's business in India Modi Modi Rubber Ltd company was approached, the two sides are on the acquisition of Modi Rubber Company Continental AG carried out at least 51% of the shares of negotiations.
It is reported that since 2004, Modi Tyres Co. Pvt. Ltd., an Indian company owned by Modi Rubber Co., Ltd., has been manufacturing tires for mainland brands used in trucks and passenger cars in India.
A high-ranking official of the Continental Group Company, who declined to be named, said: "This transaction has a business relationship with the Continental Group. Therefore, the company is restructuring its business."
At present, neither company has responded to this incident. In the fourth quarter of 2010, Modi Rubber recorded a net profit of 46.4 million Indian rupees, compared with 11.5 million Indian rupees in the same period of 2009.
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