TOKYO (April 4, 2008) — Yokohama Rubber Co. (YRC) Ltd. has deemed as premature reports in the Indian media this week suggesting the company is to build a tire plant in Haryana state, although a company representative acknowledged India is under consideration for a plant.
Reports that YRC will build a plant in India are traced back to Rajeev Arora, managing director of Haryana State Industrial and Infrastructure Development (HSIIDC) board, who was quoted in several Indian papers claiming that Yokohama had agreed to build a car tire plant at Bahadurgarh, with an investment of almost $200 million. The reports said the plant would employ 900 people.
Asked about the reports, a senior spokesman for Yokohama said, “It appears that Haryana State Industrial and Infrastructure Development has made the announcement based on their own wishful thinking for invitation.”
In the same statement, he acknowledged, “Yokohama…is now studying where it should build a new tire factory to meet the expansion of tire demand all over the world including BRIC (Brazil, Russia, India, China) countries. India is one of our choices for a construction site, but it is too early to announce officially.”
YRC set up a sales company, Yokohama India Pvt. Ltd., in New Delhi last April to establish the brand in India and oversee the creation of a sales network there. Prior to that, YRC marketed passenger tires in India through its Singaporean tire distributor.