Pirelli is reportedly planning to focus its growth strategy on three of the four ‘BRICs’ but is leaving out India.
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AFP reported that the company wants to consolidate its presence in mature markets and expand in high-growth areas like China, Russia and Brazil.
CEO Francesco Gori made the remarks in an interview with daily MF.
Asked why he did not include India, Gori reportedly said sales in the country are impacted by the absence of a modern highway network: “India is not yet at the level of Brazil, China, and Russia.”
He also reportedly said raw material prices have risen more than expected and that in such difficult market conditions, meeting targets is a challenge.
Gori also said a listing is not on the agenda and it will not be considered in the coming months, the AFP report said.
