Apollo acquires Vredestein Banden B.V.

Apollo Tyres has informed BSE that it has successfully concluded the acquisition of 100 percent shareholding of Dutch company, Vredestein Banden BV (VBBV). Last month, Apollo Tyres had offered to acquire VBBV, which had filed for bankruptcy in Almelo Court in The Netherlands, and the Dutch trustee had accepted it.

The statement further clarified that the acquisition will be funded by internal accruals and external loan finance. The transaction is conducted through a special purpose vehicle (SPV) of Apollo.

It is understood that Apollo’s intention is to get closer to the European territory via this acquisition.

VBBV is a 100 percent subsidiary of Russia’s largest tyre manufacturer, Amtel-Vredestein N.V. (AVNV). The company has its manufacturing plant near Amsterdam with a production capacity of 5.5 million tyres p.a.