Michelin to Invest £887 Million in India
It is cutting back in France, yet planning big in India – Michelin is reportedly planning to invest some Rs 70 billion (£887 million) there over the next decade. The Economic Times newspaper states a person directly involved in the transaction informed it that the tyre major has sought government approval to acquire a 100 per cent share in Michelin India Tamil Nadu tyres, a company formed in April 2009. This company will be responsible for establishing a greenfield production facility; the site will be set up with an Rs 40 billion (£507 million) investment in the first phase, which runs until 2016. This first phase operation is anticipated to create 1,500 jobs, and eventually half the factory’s output will be exported.