B K Modi's last-ditch bid to wrest ownership control of Modi Rubber by bettering his offer seems to have failed, with financial institutions having a combined 44 per cent stake in the company committing to sell it to his brother V K Modi.
The company has invested about Rs 300 crore (Rs 3 billion) for resuming production at the Modinagar plant near Meerut. The earlier tie-up with Continental, which is the world's fourth-largest tyre producing company, had lapsed after the closure of the plant in 2001. Labour unrest and litigations had led to the closure of the unit then.
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