Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Michelin mulls factory in India

PARIS, Jun 20 – French tyre giant Michelin, which plans to cut nearly 1,100 jobs in France, aims to open a factory in India in three years, the company\’s chief executive Michel Rollier said Saturday.

"We hope the factory will open within three years," Rollier told Europe 1 radio.

India\’s Economic Times newspaper reported Thursday that Michelin may invest more than one billion euros (1.39 billion dollars) over 10 years in a factory in the Asian country, but Rollier refused to confirm the figure.

"I cannot tell you (the figure) but for a big factory, it\’s not far from that," he said. "One billion euros over 10 years is less than what we invest in France."

The Economic Times report quoted "a person directly involved" as saying that Michelin had sought the Indian government\’s approval to acquire a 100 percent stake in a new company, Michelin India Tamil Nadu Tyres, formed in April 2009.

The world\’s biggest tyre manufacturer was negotiating with the Tamil Nadu regional government for land on which to build its future manufacturing unit, where it could create between 1,500 and 2,000 jobs, the paper said.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...