Apollo Tyres, World’s 17th biggest tyre manufacturer with a network of over 4000 dealerships in India, has obtained Reifencom GmbH, one of the biggest tire wholesalers in Germany, for euro 45.6 million (around Rs 301 crore).”The procuring is a key fit in further growth of our European business,” Apollo Tyres Vice-Chairman and MD NeerajKanwar said in an announcement.
This move is expected to empower the organization to enhance its blend of dispersion networks in Germany and Europe and help in expanding the visibility of Apollo and VredesteinTyres in the quickly developing online retail space, he further said.
Reifencom GmbH has online vicinity in six nations – Germany, France, Italy, Austria, Switzerland and Denmark. Likewise, it works 37 stores and administration focuses crosswise over Germany.The achievement of Reifencom GmbH is ascribed to its very productive logistics framework, which guarantees there is an insurance of a high level of accessibility of a wide range of Tyres and rims, even amidst busy periods like spring and fall.
With a target to give world-class items and services at exceptionally competitive costs, Reifencom GmbH acquires Tyres and rims from leading makers, subsequently guaranteeing the highest possible quality.
“It is our benefit to hold hands with Apollo Tyres, where the group shares our energy for giving world-class items and client service,” Reifencom GmbH Managing Directors Olaf Sockel and HeikoKnigge said. After the acquisition news went out the stock of Apollo Tyreswent up by 2.19 percent to trade at Rs 158.50 on BSE.