The Competition Commission of India (CCI) has approved the proposed acquisition of 9.93 percent stake by Emerald Sage Investment in Apollo Tyres.
The proposed combination envisages subscription by Emerald Sage Investment (Emerald) to Rs 10.80 crores compulsorily convertible preference shares constituting approximately 9.93 percent of the post-issue paid-up share capital of Apollo Tyres (Apollo).
Emerald is an investment holding company incorporated under the laws of Mauritius. Shareholders of Emerald are certain private equity funds managed by Warburg Pincus, which acts as a manager to certain private equity funds.
The portfolio companies owned by these private equity funds are active in a variety of sectors including energy, financial services, healthcare and consumer, industrial and business services, technology, media and telecommunications. Apollo is engaged in manufacturing and sale of automotive tyres.
The product portfolio of the Apollo group consists of tyres of passenger car, sports utility vehicle, multi-utility vehicle, light trucks, etc and retreading material.