The hottest continental group purchased shares of

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According to Reuters, Indian tire manufacturer modi rubber said on July 15, 2012 (Friday) that German tire manufacturer Continental AG had paid 1.34 billion Indian rupees (about US $30.11 million) to buy the equity of modi rubber

modi rubber company issued a statement saying that the payment made by the continental consortium to modi rubber company purchased 5.6 million shares of modi tyres company under modi rubber company, including a non competitive fee of 172million Indian rupees

the statement also said that after the transaction is completed, modi tyres will become a wholly-owned subsidiary of continental. It is reported that since 2004, the company has been in charge of producing mainland brand tires for trucks and buses in India

in April this year, Continental signed an agreement with modi rubber of India, but did not disclose the details of the transaction

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