Continental Group buys Modi Tyres

Modi Rubber completed the sale of its subsidiary Modi Tyres to Continental Group for an estimated Rs 117.61 crore.

The deal was completed for a share purchase consideration of Rs 117.61 crore and a 8220;non-compete fee net of withholding tax in the sum of Rs 17.22 crore8221;,Modi Rubber said in a regulatory filing.

The transaction was completed today,it added.

Pursuant to the sale,Modi Tyres has become a wholly-owned subsidiary of Continental Group.

In April this year,Modi Rubber had inked agreements with the Continental Group for selling its entire stake in Modi Tyres.