Tokyo-based Yokohama Rubber Co has received Competition Commission's approval to acquire off-highway-tyre manufacturer Alliance Tire Group (ATG).
Both companies have presence in India.
As per an announcement by Yokohama in March, the agreed equity value of the transaction is USD 1,179 million.
KKR is the majority stakeholder in ATG and the rest is held by International Finance Corporation along with other entities.
Competition Commission of India (CCI) has cleared the proposed acquisition, as per the watchdog's website.
In India, Yokohama Rubber Co has a wholly owned subsidiary, Yokohama India Pvt Ltd (YIPL), which manufactures tyres and related products. It also sells tyres for trucks and buses as well as off-highway-tyres.
Alliance Tire Group has presence in more than 120 countries, including India. It is into the business of development, manufacturing and sale of off-highway-tyres such as agricultural, forestry, and industrial tyres worldwide.
Yokohama entered into an agreement with global investment firm KKR and other concerned parties to purchase all of the shares of Alliance Tire Group, the announcement said.
