Comments
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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.