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.
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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
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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