Continental India, leading automotive supplier and world’s largest tyre manufacturer has announced its expansion plans in the Indian auto market. The company recently acquired Modi Tyre Company Limited and is showcases its continued growth and leading edge technologies in India. Continental hopes to enhance company revenues in the coming four years and have imminent plans in place to double its revenues by 2016.
In a press conference held recently, Continental Automotive Group stated that they would be concentrating their attention on plans in India and have various schedules for the market while they will also be augmenting operations at their facility in Manesar which covers an area of 7,152 sq meters. Expansion plans will include increasing this are to 15,027 sq meters specially taking into account the future needs of other automobile business based in and around Manesar who depend on the company for their requirements. Continental produces instrument clusters for four wheeler and two wheeler vehicles, sensors for powertrains and chassis and speed sensors for engines and transmission.
Besides their extensive reach in India, Continental has also performed well in global sales despite global slowdown in economic growth. During the period January to October 2012 the company sales increased 9.1% to €24.6 billion while EBIT increased 22.8% to €2.4 billion in the same period. New product lines were recently inaugurated in Bangalore and Pune. The Bangalore facility concentrates on explosion proof test equipment while new product lines for fuel rail assemblies and fuel pumps are conducted at the company’s Pune center.