Photo courtesy: Michelin
French tyre major Michelin on Tuesday said it will increase tyre prices in India by 8 per cent from next month in order to offset the impact of rise in input costs.
Michelin in the Africa India and Middle East region will increase its tyre prices by up to 8 per cent across all segments, the company said in a statement.
The price revision addresses the increase of raw material cost, natural rubber in particular, global transportation cost and other market factors, it added.
"This increase is effective March 2021 and is applicable to all Michelin group brands," the tyre maker said.
Michelin caters to all major segments, including passenger vehicles, two wheelers and commercial vehicles, in the country.
Headquartered in Clermont-Ferrand, France, Michelin is present in 170 countries, has more than 1,27,000 employees and operates 69 tyre production facilities which together produced around 200 million tyres in 2019.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.