Commenting on Continental’s 18.5 million euro purchase of Modi Tyres Company Limited (MTCL), Nikolai Setzer, head of the German manufacturer’s Passenger and Light Truck Tire division, said Conti’s acquisition of a 100 per cent shareholding “underlines our commitment to the Indian market.” Both parties have agreed to keep commercial details of the transaction confidential, however the key points are that MTCL has now become a fully-owned Continental Corporation subsidiary and will be renamed Continental Tyres India Limited. The new entity will focus on the local production and distribution of cross-ply and radial truck and bus tyres as well as radial passenger car tyres for the Indian market.