The acquisition was made after obtaining approvals from the Foreign Investment Promotion Board and the Reserve Bank of India, a statement by Goodyear said.

With the acquisition, Goodyear, along with its subsidiary Goodyear India Ltd, has complete management control of one of Asia's most technically advanced tyre plants set up in 1996 at Aurangabad.

Under the terms of agreement reached with RPG-Ceat, Goodyear will continue to supply Ceat radial passenger, earthmover and two and three-wheeler tyres.

The acquisition is part of the company's global strategy for leadership in Asian markets. Goodyear India mainly manufactures its radial tyre range at the Aurangabad plant, supported by the manufacture of bias tyres from the plant at Ballabgarh.

Goodyear India chairman and managing director Neville P Moos said, "this new phase of our relationship allows us to enhance our focus in areas of specific interest to both parties."

"With the world's latest tyre technologies and substantially increased capacities, Goodyear will be in a position to become a major player in India's tyre business," he said.