NEW DELHI (Feb. 4, 2000) — Group Michelin has narrowed its site selection process for a new plant in India to locations in the western states of Karnataka and Gujarat, according to Jean-Philippe Legrand, vice president of finance and administration for Michelin India Pvt. Ltd.
Michelin has budgeted $115 million for the project. Site selection is expected to be completed by year-end.
The company received permission from India´s Foreign Investment Promotion Board in 1998 to establish tire manufacturing in the country, and has been evaluating its options since.
Michelin´s plans include capacity for steel radial truck tires as well as plans to export to other south Asian countries, Mr. Legrand said.