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Our Bureau

New Delhi , April 24

Apollo Tyres Ltd said on Monday that it has acquired 100 per cent controlling interest in Dunlop Tyres International (Proprietory) Ltd, South Africa (DTIPL) along with its subsidiaries in Zimbabwe and the UK.

A communiqué sent by ATL to the stock exchanges said that all compliances with regard to the DTIPL acquisition has been made and the closing of the transaction has taken place on April 21 in South Africa.

Apollo Tyres had in January this year announced the 100 per cent equity buyout of Durban-headquartered DTIPL (Dunlop South Africa) through an all-cash deal worth Rs 290 crore. This acquisition is expected to enable ATL to secure a toehold in the fast growing Africa region and also a strong presence in the South African tyre market.

More Stories on : Mergers & Acquisitions | Tyres

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