The Board of Directors of Apollo Tyres Ltd. approved the issuance of compulsorily convertible preference shares in the company worth Rs 10,800 million (approximately US $150 million) to an affiliate of Warburg Pincus, a leading global private equity firm focused on growth investing.
The investment represents a primary capital infusion into the company and is subject to shareholder and regulatory approvals, Apollo said in a press release.
“I am delighted to announce Warburg Pincus’ investment in Apollo Tyres,” Onkar S Kanwar, chairman and managing director of Apollo Tyres Ltd. “Their investment is a strong vote of confidence in our business, management team and growth prospects. I believe the company will benefit from the backing of a large financial investor of their pedigree, and our partnership will further strengthen Apollo Tyres’ board and governance.”
“We see a compelling growth story in Apollo Tyres and believe the company is well-positioned to build upon the strong leadership position it has carved out within the industry,” said Vishal Mahadevia, managing director and head of Warburg Pincus India. “Warburg Pincus is excited to partner with the management team of Apollo Tyres in this journey and looks forward to supporting them during the next phase of the company’s growth.”
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $58 billion in private equity assets under management. Founded in 1966, Warburg Pincus has raised 19 private equity funds, which have invested more than $81 billion in over 890 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore.
