Sumitomo, Stamford to open Falken sales company in India
Japanese tyre maker Sumitomo Rubber Industries and Singapore’s Stamford Tyres Corporation have announced plans to establish a joint venture sales company in India. The operation, Falken Tyre India Private Limited, will start business in April 2013 and be 60 per cent owned by Sumitomo Rubber subsidiary Sumitomo Rubber Asia (Tyre) PTE. Ltd, with Stamford owning the remaining share. Falken Tyre India will focus on India’s replacement tyre market; Sumitomo says it will supply tyres that “meet the local needs.”
Capital of Rs 550 million (£6.4 million) is being invested in the new sales company. Falken Tyre India will employ some 70 people, however the head company representative has yet to be named.