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Article: MICHELIN BUYS 14.9% STAKE IN INDIA'S APOLLO TYRES.
- Article from:
- AsiaPulse News
- Article date:
- November 18, 2003
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NEW DELHI, Nov 18 Asia Pulse - Apollo Tyres (BSE:APLO) yesterday decided to offer 14.9 per cent stake to Michelin for Rs 1,290 million (US$28.3 million) and to set up a joint venture which would be 51 per cent-owned by the French firm while the former would have a 49 per cent holding.
The Apollo board of directors have agreed to Michelin's purchase of 14.9 per cent equity share capital through a preferential allotment for about Rs 1,290 million, Apollo Tyres chairman S Kanwar told a news conference.
The joint venture, Michelin ...