Financial Daily from THE HINDU group of publications
Wednesday, Nov 19, 2003
Financial Daily from THE HINDU group of publications Wednesday, Nov 19, 2003 |
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Corporate
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Mergers & Acquisitions MRF welcomes Michelin re-entry Our Bureau
Chennai , Nov. 18 MRF has welcomed former collaborator Michelin's entry into India. The French tyre giant has picked up a 14.9 per cent stake in Apollo Tyres, one of MRF's competitors. "We know them very well. They are our old friends," a spokesman of MRF told Business Line on Tuesday. Michelin, which had a 10 per cent stake in MRF, exited the company in the mid-1990s under acrimonious circumstances. The spokesman said Michelin's move came as no surprise because MRF had known that the French company had long been trying to get into the Indian market. "If this (Michelin's re-entry into India) had happened 10 years ago, we could have been worried, but today we are prepared to face the competition," the spokesman said. "It will raise the bar of competition, so we welcome it," he said.
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