India, Oct. 22 -- Balkrishna Industries (BKT), the Indian maker of off-highway tyres, has agreed to establish a 50:50 joint venture with Italian tyre manufacturer Pirelli to manufacture passenger car tyres in India, as both companies seek to expand their presence in the market.

BKT and Pirelli signed a framework agreement on Thursday setting out the proposed venture's structure and timelines, alongside separate agreements covering tyre manufacturing and technical support, according to a stock exchange filing by BKT.

The proposed joint venture will manufacture passenger car radial (PCR) tyres under the Pirelli and BKT brands and establish a new manufacturing plant in India. The partners intend to share the venture's manufacturing capacit...