The board of India’s Apollo Tyres has approved the acquisition of South Africa’s Dunlop Tyres International for about INR2.85bn (US$65 million), according to Reuters.
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The report said Dunlop Tyres has South African plants in Durban and Ladysmith, each having a capacity of 25,000 tons a year.
Apollo will also get control of Dunlop subsidiaries in Zimbabwe and the United Kingdom, Reuters added, citing an Apollo statement. The purchase will provide access to the European and African markets, Apollo said, adding the deal was expected to be finalised in March.
Apollo will raise bridge loans and consider other long-term funds for the acquisition, according to the report.
Reuters added that Apollo’s fiscal third-quarter net profit fell 2.4% to INR164.4m, while its total income rose 18% to INR6.79bn.
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