Companies

Apollo Tyres raises ₹1,080 cr through Warburg Pincus

Our Bureau New Delhi | Updated on February 26, 2020 Published on February 26, 2020

The Board of Directors of Apollo Tyres on Wednesday has approved an issuance of compulsorily convertible preference shares in the company worth ₹1,080 crore (around $150 million) to an affiliate of Warburg Pincus.

Warburg Pincus is a leading global private equity firm focused on growth investing, Apollo Tyres said in a statement. The investment represents a primary capital infusion into the company and is subject to shareholder and regulatory approvals, it said.

“Their (Warburg Pincus) investment is a strong vote of confidence in our business, management team and growth prospects. I believe the company will benefit from the backing of a large financial investor of their pedigree and our partnership will further strengthen Apollo Tyres’ board and governance,” Onkar S Kanwar, Chairman and Managing Director, Apollo Tyres said

“We see a compelling growth story in Apollo Tyres and believe the company is well-positioned to build upon the strong leadership position it has carved out within the industry,” Vishal Mahadevia, Managing Director and Head, Warburg Pincus India, said.

Published on February 26, 2020
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