Contrary to reports, Metro Tyres has not withdrawn its bid for Falcon Tyres."I am in the race, not withdrawing, but it has to be at the right valuation," Rummy Chhabra, managing director of Metro Tyres, said today. Chabbra refused to disclose his bid for the 4.5-lakh tyre annual capacity company.Many leading players, including J K Industries, Apollo Tyres and the Hero group, are in the race to acquire the Karnataka-based Falcon Tyres. Chhabra also showed readiness to start alternate production in case the bidding fails. "We are ready to make investments at our new plant in Gurgaon. We can start making similar tyres by investing an additional Rs 20-30 crore," he added.
