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Indian automotive tyre maker TVS Srichakra Ltd will acquire the US-based industrial tyre maker Super Grip Corporation.
In a regulatory filing, TVS Srichakra said the company’s Board on Friday have approved an overseas direct investment of $10 million for setting up a subsidiary SG Acquisition Corporation in Michigan, USA.
According to TVS Srichakra, the subsidiary SG Acquisition will assume and take over assets, liabilities and business operations of Super Grip Corporation.
The SG Acquisition will not subscribe to the shares of the US company Super Grip Corporation, TVS Srichakra said.
The Indian company said the investment is made to expand business in the US and focus on the off-highway tyre products. TVS Srichakra Director S. Ravichandran said: "We view the proposed Super Grip transaction with excitement. The company fits in well with our plan to expand our off-highway tyre business globally. The proposed transaction also brings with it an experienced and motivated management team, which will add value to the business over time."