Gurgaon-based Apollo Tyres has acquired German tyre distribution company Reifencom GmbH for Euro 45.6 million (around Rs 301 crore).
Neeraj Kanwar, vice-chairman and managing director, Apollo Tyres, said, “The acquisition is a strategic fit in further growing our European business.”
The acquisition of Reifencom GmbH will enable Apollo Tyres to improve its mix of distribution channels in Germany and Europe and aid in increasing the visibility of Apollo and Vredestein tyres in the offline and especially the fast growing online retail space, he added. Reifencom GmbH has an online presence in six countries of Germany, France, Italy, Austria, Switzerland and Denmark. In addition, it operates 37 stores and service centres across Germany.
Shares of Apollo Tyres closed at Rs 157.70 a piece, up by 1.68 per cent on the Bombay Stock Exchange.