Further growth in India
ContiTech AG bolsters its standing in India and is now the single owner of Phoenix Yule Ltd (Fig.), a manufacturer of conveyor belts, in Kalyani/West Bengal. The company was previously a joint venture in which the Indian company Andrew Yule & Co. Ltd held 26 % and ContiTech 74 % of the shares. Thanks to a resolution by the Indian government, ContiTech is now able to acquire the remaining shares. „With this buy, we have now met the prerequisite for further growth,“ says Heinz-Gerhard Wente, chairman of the executive board of ContiTech AG. “The Indian market is doubly interesting for us: for conveyor belt production and sales.” The joint venture, which was founded in November 1998 by Andrew Yule & Co. Ltd and Phoenix AG, currently employs around 450 workers and produces about half a million meters of conveyor belts annually.
ContiTech AG, Hannover (D),
Tel.: +49 511-938-02, www.contitech.de
