Delhi-based Apollo Tyres, India’s second largest producer, has offered to fully acquire Vredestein Banden B.V, a Netherland-headquartered premium tyre maker, for an undisclosed sum.
A late evening media release stated, “The trustee in bankruptcy at the Almelo Court in The Netherlands has approved Apollo Tyres offer to acquire 100 per cent stake of Vredestein Banden B.V (VBBV).”
The parties concerned will be in a position to disclose any further information, including price, only after certain conditions have been met and certain approvals, including regulatory and statutory approvals are granted, wherever required, the release further stated.
VBBV is a 100 per cent subsidiary of Russia’s largest tyre manufacturer Amtel-Vredestein N.V (AVNV).
Meanwhile, the company reported 21.95 per cent dip in net profit at Rs 46.2 crore for the fourth quarter ended March 31, 2009, as compared with the corresponding quarter of the previous fiscal. Net sales of the company went 11 per cent to Rs 1,110 crore over the corresponding period last fiscal.
