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25. April 2006

INDIA: Apollo Tyres buys out Dunlop South Africa

Source: Daily "The Hindu Business Line", New Delhi; 25 Apr 2006

New Delhi , April 24
Apollo Tyres Ltd said on Monday that it has acquired
100 per cent controlling interest in Dunlop Tyres
International (Proprietory) Ltd, South Africa (DTIPL)
along with its subsidiaries in Zimbabwe and the UK.

A communiqué sent by ATL to the stock exchanges said
that all compliances with regard to the DTIPL
acquisition has been made and the closing of the
transaction has taken place on April 21 in South
Africa.

Apollo Tyres had in January this year announced the
100 per cent equity buyout of Durban-headquartered
DTIPL (Dunlop South Africa) through an all-cash deal
worth Rs 2900 million. This acquisition is expected to
enable ATL to secure a toehold in the fast growing
Africa region and also a strong presence in the South
African tyre market.


(Syed Rashid Ali, Karachi, Pakistan)

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