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Rediff News  All News  » Business » Goodyear Tyre to invest $30 mn in India

Goodyear Tyre to invest $30 mn in India

September 23, 2003 18:00 IST

Goodyear Tyre & Rubber Company will invest $30 million to ease the debt burden of its Indian arm.

The $30 million would be invested through the external commercial borrowing route in Goodyear India to retire high cost debts in favour of low cost borrowings.

"India is an important market for Goodyear. We continue to seek ways to introduce tyre technology," Antonio Canallini, chairman and managing director, Goodyear Tyre & Rubber Company, said in a statement in New Delhi on Tuesday.

Goodyear India, a joint venture of Goodyear South Asia Tires, has recently augmented production capacity by 25 per cent at its Aurangabad facility.

The company has also decided to increase its ad spend by 50 per cent, he said.

In India, Goodyear manufactures and markets radial and tyres at its Aurangabad and Ballabgarh (Haryana) plants.

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