Board of Directors of Apollo Tyres Ltd has approved an issuance of compulsorily
convertible preference shares in the company worth Rs 1080 crore million
(approximately US$150 million) to an affiliate of Warburg Pincus, a leading
global private equity firm focused on growth investing.
investment represents a primary capital infusion into the company and is
subject to shareholder and regulatory approvals. Commenting on the transaction,
Onkar S Kanwar, Chairman and Managing Director, Apollo Tyres Ltd said, “I am
delighted to announce Warburg Pincus’ investment in Apollo Tyres. Their
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.”
Mahadevia, Managing Director and Head, Warburg Pincus India, 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. Warburg Pincus is excited to partner with the management team of
Apollo Tyres in this journey and looks forward to supporting them during the
next phase of the company’s growth.”
Source: Apollo Tyres
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