The Ruia Group, led by Pawan Kumar Ruia, is close to sealing a deal with a foreign player for its proposed joint venture plant to manufacture radial tyres under the Dulop brand.
"We are in talks with a technology partner for radial technology and are at a very advanced stage.
The partnership will not be restricted to technology," Ruia said. The project is expected to be a 50-50 venture and the decision is expected to be taken in a month.
However, the company didn't disclose the location of the project.
“We have not decided, in which state we should establish this plant. Since, the demand for radial tyres are high, we are going to rope in foreign partners,” said an official spokesperson.
Though the effort to grab SsangYong Motors failed, Ruia said he was still keen on some Indian and overseas acquisitions.
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“The group is also looking at small sick firms abroad,” he said. Ruia had earlier acquired the assets of three such European firm — Gumasol Werke and Draftex Automotive in Germany and UK-based Schlegel Automotive.
However, to raise funds for the expansion plans of Falcon Tyres, the Ruia Group is planning to have a rights issue next fiscal, as soon as it gets government clearance on FDI. The funds from the planned issue would be invested in a Rs 550 core two-wheeler tyre project in Uttaranchal, he said.