UPDATE 1-Michelin to buy 14.9 pct in India's Apollo Tyres

Newswire

(Updates with quotes, details) NEW DELHI, Nov 17 (Reuters) - Europe's biggest tyremaker, Michelin , will buy 14.9 percent of leading Indian tyremaker, Apollo Tyres Ltd , giving it a firm foothold in India's $2.2 billion-a-year tyre market. Michelin and Apollo will also set up Michelin Apollo Tyre Ltd, a joint venture to make truck and bus radial tyres in India in which Michelin will hold 51 percent and Apollo 49, they said in a joint statement. Michelin, based in Clermon-Ferrand, ...

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