India, Oct. 22 -- Italian tyre maker Pirelli and India's Balkrishna Industries Ltd (BKT) have formed a 50:50 strategic joint venture to tap the growing Indian passenger car tyre market, with plans to set up a local plant to manufacture up to 8 lakh Pirelli-branded tyres by 2030.

"India is taking an ever more central role in the evolution of the global automotive industry, thanks to the market's growth, development of mobility and progressive strengthening of the country's industrial and technological competencies," Pirelli Executive Chairman Marco Tronchetti Provera said.

BKT Chairman and Managing Director Arvind Poddar said the partnership brings together complementary strengths to capture opportunities in a growing market while creati...