Apollo acquires firm for $2.5bn

Jun 13, 2013 |

New Delhi

In one of the biggest overseas acquisitions by an Indian firm, Apollo Tyres on Wednesday said it will take over US-based Cooper Tire & Rubber Co. in an all-cash deal valued at about `14,500 crore ($2.5 billion). Post the transaction, Apollo Tyres will become the 7th largest tyre maker in the world by revenue at $6.6 billion from its current 16th position at $2.5 billion and give it greater access to the US, the second largest automobile market in the world after China.

***
MMTC stake sale today
New Delhi, June 12: The group of ministers on disinvestment on Wednesday cleared 9.33 per cent stake sale in MMTC through offer for sale which may fetch the exchequer `300 crore.
“We will divest 9.33 per cent in MMTC tomorrow through OFS route,” disinvestment secretary Ravi Mathur told reporters here. — PTI

***
Fitch rating back to stable
New Delhi, June 12: Bringing cheer to the government which is struggling to arrest the rupee’s slide, global rating agency Fitch on Wednesday revised India’s sovereign credit outlook to stable from negative.
Fitch Ratings revised India’s outlook to stable from negative and affirmed “BBB-” rating.
The revision of the outlook to stable reflects the measures taken by the government to contain the budget deficit. — PTI

Post new comment

<form action="/comment/reply/236547" accept-charset="UTF-8" method="post" id="comment-form"> <div><div class="form-item" id="edit-name-wrapper"> <label for="edit-name">Your name: <span class="form-required" title="This field is required.">*</span></label> <input type="text" maxlength="60" name="name" id="edit-name" size="30" value="Reader" class="form-text required" /> </div> <div class="form-item" id="edit-mail-wrapper"> <label for="edit-mail">E-Mail Address: <span class="form-required" title="This field is required.">*</span></label> <input type="text" maxlength="64" name="mail" id="edit-mail" size="30" value="" class="form-text required" /> <div class="description">The content of this field is kept private and will not be shown publicly.</div> </div> <div class="form-item" id="edit-comment-wrapper"> <label for="edit-comment">Comment: <span class="form-required" title="This field is required.">*</span></label> <textarea cols="60" rows="15" name="comment" id="edit-comment" class="form-textarea resizable required"></textarea> </div> <fieldset class=" collapsible collapsed"><legend>Input format</legend><div class="form-item" id="edit-format-1-wrapper"> <label class="option" for="edit-format-1"><input type="radio" id="edit-format-1" name="format" value="1" class="form-radio" /> Filtered HTML</label> <div class="description"><ul class="tips"><li>Web page addresses and e-mail addresses turn into links automatically.</li><li>Allowed HTML tags: <a> <em> <strong> <cite> <code> <ul> <ol> <li> <dl> <dt> <dd></li><li>Lines and paragraphs break automatically.</li></ul></div> </div> <div class="form-item" id="edit-format-2-wrapper"> <label class="option" for="edit-format-2"><input type="radio" id="edit-format-2" name="format" value="2" checked="checked" class="form-radio" /> Full HTML</label> <div class="description"><ul class="tips"><li>Web page addresses and e-mail addresses turn into links automatically.</li><li>Lines and paragraphs break automatically.</li></ul></div> </div> </fieldset> <input type="hidden" name="form_build_id" id="form-cc9c8b71f0849d2bc75fb5a7fb7403c7" value="form-cc9c8b71f0849d2bc75fb5a7fb7403c7" /> <input type="hidden" name="form_id" id="edit-comment-form" value="comment_form" /> <fieldset class="captcha"><legend>CAPTCHA</legend><div class="description">This question is for testing whether you are a human visitor and to prevent automated spam submissions.</div><input type="hidden" name="captcha_sid" id="edit-captcha-sid" value="93451518" /> <input type="hidden" name="captcha_response" id="edit-captcha-response" value="NLPCaptcha" /> <div class="form-item"> <div id="nlpcaptcha_ajax_api_container"><script type="text/javascript"> var NLPOptions = {key:'c4823cf77a2526b0fba265e2af75c1b5'};</script><script type="text/javascript" src="http://call.nlpcaptcha.in/js/captcha.js" ></script></div> </div> </fieldset> <span class="btn-left"><span class="btn-right"><input type="submit" name="op" id="edit-submit" value="Save" class="form-submit" /></span></span> </div></form>