Modi acquisition underlines Indian market commitment, says Conti

摘要

ON JULY 15, India's Modi Rubber Ltd notified the Bombay Stock Exchange that the sale of its Modi Tyres Company Limited (MTCL) subsidiary to the Continental Group has been completed. It informed the BSE that the entire shareholding in MTCL, a total of 56,046,680 equity shares, changed hands for a share purchase consideration of Rs 1,176,189,838 (￡16.1 million) and a non compete fee, net of withholding tax, of Rs 172,295,100 (￡2.4 million).