Financial Daily from THE HINDU group of publications
Sunday, Dec 04, 2005
Financial Daily from THE HINDU group of publications Sunday, Dec 04, 2005 |
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Tyres Corporate - Mergers & Acquisitions Sumitomo sounds on nylon tyre cord unit
ON the heels of its acquisition of Dunlop and Falcon, the Ruia Group has been approached by Sumitomo of Japan for setting up a nylon tyre cord facility in India. Sumitomo owns the Dunlop brand globally except in India. According to the Ruia Group Chairman, Mr P.K. Ruia, "Sumitomo is looking for a collaboration in which Dunlop has expressed an interest." Asked whether he would be interested in lending the Dunlop brand name to Sumitomo, he said his group would not let any other company use the brand name. "We are looking at the offer to infuse latest technology in Dunlop while holding the entire production and marketing rights with us," he said. He indicated that the company may be interested in setting up the unit at its existing facility either in West Bengal or in Tamil Nadu as a joint venture.
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