German tyre maker Continental AG yesterday said it was looking to enter the Indian tyre market considering the fast paced growth and huge demand in this market.
"India is one of the key markets for our future growth. We are interested in the passenger car tyre market. We are looking for opportunities to enter the market," Helmut Matschi, member of the executive board Continental AG, Interior Division told media in Bangalore today.
"However, it is too early to say how it rolls out and when we will enter the market," said Claude d'Gama Rose, managing director, Continental India.
Continental AG, the world's fourth largest tyre manufacturer said it had been receiving feedback from original equipment manufacturer (OEMs) on the need for a player to enter this market.
According to Rose, with many OEMs looking at exports of their products, they felt there was a need for high quality tyres.
According to Matschi, the commercial vehicle tyre division had revived its collaboration with Modi Tyres in 2009. Following the technical collaboration it was agreed that Modi Tyre would roll out around 1 million tyres to be sold under the Continental brand name.