Iran’s Pars Tire is searching for potential investors or partners that could help it convert its outdated bias-ply technology to capacity for radial truck and bus tires.

Pars Tire, which goes to market with the Pirouzi brand,   has a nameplate capacity of 40,000 metric tons of bias truck and bus tires at its plant in Saveh, a city of a quarter million inhabitants about 85 miles southwest of Tehran.

However demand is declining for these products in both domestic and international markets.

The company aims to attract investment from international companies to upgrade its plant in Saveh, not far from Tehran.

“Before the 1979 revolution we had a partnership with Pirelli but that stopped and we now have an out-dated technology,” Managing Director Hassan Khayyer said. “Now we want international partners to come and help us, not just in terms of technology but also in financial terms too.”

According to the official, Pars Tire aims to develop its current plant in three phases — producing 26,000 metric tons of truck and bus radials, 4,000 tons of light truck radials tires and 10,000 tons of passenger radials per year.

“Our estimation is that the project will cost about $108 [million] to $130 million, and we want investors to come and take a share of it,” Mr. Khayyer said. “We have no restriction as to how big the investment is and even shares of the company are up for grabs. Investors can even appoint managers in the company if they wish to.”

Mr. Khayyer said Pars technology, brand and license are all included in the wish-list.

“We are looking for a company to come down here and have a base, not just a licence or the purchase of technology,” he said.

Unlike a recent wave of projects that are solely looking Westwards for partners, Pars has had negotiations with possible Chinese investors.

But confidence in the market, despite the waiver of sanctions against Iran in January, has yet to bounce back up.

The U.S. 2016 presidential election and its effects on international relations with Iran, as well as the Islamic Republic’s presidential election in 2017 can all change the current dynamics of the market.

“Despite the gold rush, investors still want market stability and security before making a move to Iran and that can be a main challenge for us,” Mr. Khayyer said.