"We will set up a plant in India by investing about Rs 500 crore. We are looking for various sites for locating the plant by the end of 2000," vice-president (finance and administration), Jean Philippe Legrand said here. The plant was likely to be established in the south, he said adding the company was considering to set it up in Bangalore."We are, at present, doing several studies and looking at other sites as well," Legrand said.

Michelin has obtained clearence from the Foreign Investment Promotion Board (FIPB) for setting up a manufacturing facility here, he said. Michelin was also open to enter into joint ventures with Indian tyre companies but retain the majority stake.

"We would like to maintain the high quality standards of our tyres and the Indian company should also have the samethinking," he said.