Apollo Tyres to exit JV with Michelin

The board of directors of Apollo Tyres, which met today, approved a proposal to divest the company's stake in Michelin Apollo Tyres (MATPL).

According to a release issued by Apollo Tyres to the BSE today, the stake would be purchased by the Michelin group & its affiliates.

The board of MATPL, which also met today, decided to defer the implementation of the project to manufacture truck and bus radials (TBR) in India by at least one year on account of the slower projected pace of radialisation in India.

"The project for TBR will now be implemented by the Michelin group," the release added.

The Michelin group, however, will maintain its shareholding in Apollo Tyres, the release said.