Delhi-based Apollo Tyres, the country's second-largest tyre producer, has offered to acquire 100 per cent stake in Vredestein Banden B.V, a Netherland-headquartered premium tyre making for an undisclosed sum.
"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).
Earlier in the day, the board of Apollo Tyres gave their approval to the management to proceed with requisite approvals and compliance on the acquisition of VBBV.