Pirelli, Balkrishna strike India tyre production deal

Oct 22 (Reuters) - Italian and Indian tyre makers Pirelli and Balkrishna Industries (BKT) announced on Thursday an agreement for the production of up to 800,000 Pirelli-branded tyres in India by 2030.

A second phase of the agreement also involves the creation of a 50-50 joint venture for a production plant in the country dedicated to "high value" car tyres, the companies added.

• The partnering companies say India's car registrations are estimated to increase by 5-7% annually to 2030

• They see the premium car tyre market increasing almost fivefold in the period

• For Pirelli the agreement represents an opportunity to expand in a high-growth potential country, where it only has a commercial presence

• For Balkrishna Industries the partnership backs its expansion into the passenger car tyre market

• BKT's shares rose following the announcement, up by 3.55% as of 0648 GMT

(Reporting by Mirko Miorelli, editing by Alvise Armellini)