A marriage made in heaven? (update)

A short time before the announcement of the joint venture between Michelin and Apollo Tyres, the Indian company broke off its alliance with Continental. An Apollo spokesman said that the arrangement with Conti “was only a technical tie-up. As far as we are concerned this (the jv with Michelin) is a real marriage.

” Michelin paid around $28 million for a 14.9 per cent stake in Apollo and the French company owns 51 per cent of the joint venture company, which is called Michelin Apollo Tire. MAT plans to invest $70 million over the next four years in building a manufacturing plant in India.