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January 16, 2001 		Feedback  
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Dunlop, Sumitomo strike alliance

Troubled domestic tyremaker Dunlop India Ltd has entered into a strategic alliance with Japan's Sumitomo Rubber Industries (SRI), Business Line newspaper reported on Tuesday.

SRI owns all Dunlop operations in the world apart from in India.

"A memorandum of understanding has been signed between the two chairmen of the companies in London on January 12," the newspaper quoted Dunlop India's president M D Shukla as saying.

"Strategic alliances can be anything; technical, financial, equity participation or a combination of all," Shukla said. The newspaper said he refused to elaborate.

Dunlop recently approached the Board for Industrial and Financial Reconstruction for approval of a recovery plan.

Non-resident Indian M R Chhabria controls 47 per cent of Dunlop's equity, while 31 per cent is held by financial institutions and 12 per cent lies with the public.

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