Apollo Tyres, India’s largest tyre manufacturer is processing its acquisition of the Cooper Tyre & Rubber Company.
According to source, Apollo tyres will be purchasing Cooper Tyre & Rubber Company for US $600-000million.
This acquisition will open Apollo Tyres to the huge market share in the passenger and light and medium trucks sector of the tyre industry.
Apollo Tyres is bringing up US $150 million through QIP which can provide the company adequate comfort for boosting the debt for financing the acquisition. The Standard Chartered Bank has already started the process.
Apollo Tyres and Cooper Tyre & Rubber Company both have not responded yet to the queries of the media. (RJA)