NEW DELHI, Feb 5 (Reuters) - India approved on Thursday a proposal by Europe's biggest tyre maker, Michelin, to pick up a 14.9 percent stake in Indian tyre-maker Apollo Tyres Ltd for $71.44 million.
A government statement said the investment by Michelin would be used to manufacture, market and distribute truck and bus radial tyres in India.
Earlier in November, both firms had said they would also set up a joint venture to make truck and bus radial tyres, Michelin Apollo ...
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