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Article: INDIA'S APOLLO TYRES ACQUIRES DUNLOP TYRES (SOUTH AFRICA).
- Article from:
- AsiaPulse News
- Article date:
- April 25, 2006
CopyrightCOPYRIGHT 2006 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW DELHI, April 25 Asia Pulse - Apollo Tyres Ltd (BSE:500877) on Monday announced acquisition of Dunlop Tyres International Ltd (South Africa) in a Rs 2.9 billion (US$64.3 million) all-cash deal.
All regulatory approvals in India and South Africa alongside the transfer of shares have already been completed. Dunlop South Africa will now become a part of the Apollo Tyres Group, the company said in a statement.
Apollo's Board of Directors had approved this acquisition on January 31, 2006, at a meeting in Mumbai.
"Dunlop marks the first of Apollo's global footprint, expanding the reach of our exports and enlarging our customer base. This is our ...