Private Equity firm Warburg Pincus is planning to invest around $150 million in Apollo Tyres.The investment represents a primary capital infusion into the company and is subject to shareholder and regulatory approvals
The Board of Directors of Apollo Tyres Ltd on Wednesday approved an issuance of compulsorily convertible preference shares in the company worth approximately $150 million to an affiliate of Warburg Pincus, a leading global private equity firm focused on growth investing.
Onkar S Kanwar, Chairman and Managing Director, Apollo Tyres Ltd said, that Warburg Pincus’ investment in Apollo Tyres is a strong vote of confidence in our business, management team and growth prospects.
"I believe the company will benefit from the backing of a large financial investor of their pedigree and our partnership will further strengthen Apollo Tyres’ board and governance,” he said.
Vishal Mahadevia, Managing Director and Head, Warburg Pincus India, said, “We see a compelling growth story in Apollo Tyres and believe the company is well-positioned to build upon the strong leadership position it has carved out within the industry. Warburg Pincus is excited to partner with the management team of Apollo Tyres in this journey and looks forward to supporting them during the next phase of the company’s growth.”