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Article: APOLLO TYRES' BID FOR MODI RUBBER DRIVES INTO SLOW LANE.
- Article from:
- AsiaPulse News
- Article date:
- February 18, 2003
CopyrightCOPYRIGHT 2003 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, Feb 18 Asia Pulse - Apollo Tyres' (BSE:APLO) plan to take over the tyre manufacturing assets of Modi Rubber (BSE:MODI) seems to have run into rough weather due to disagreements among members of the Modi family, who are promoters of the company.
The takeover was understood to have been delayed due to differences among the two brothers - B K Modi and V K Modi, sources close to the developments told PTI.
When contacted, Apollo Tyres (ATL) Vice President (Corporate Strategy) Sunam Sarkar said, "Talks are on between the parties but we have not fixed any definite time table".
He said ATL ...