Contitech buys out shares in Indian joint venture

ERJ staff report (DS)

New Delhi -- India's government has agreed to sell off the shares it indirectly holds in conveyor belt maker, Phoenix Yule for Rs 628 million (eurro 9.1 million) to Continental's ContiTech unit.

Phoenix Yule is a 74-26 joint venture between Continental AG (74) of Germany and State-owned Andrew Yule & Company Ltd (26). of Kolkata.

The company is one of the largest manufactures of conveyer belts in India and was formed when Andrew Yule spun off its conveyor belting unit, selling the majority of shares to Phoenix. Andrew Yule retained a minority share. It is these shares which are now being sold.

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Press release from Indian government.