The Economic Times has been reporting that Apollo Tyres is interested in acquiring Kumho Tire now that the deal with China’s Qingdao Tires has fallen apart. Apollo claims these reports are false.
“Apollo Tyres strongly denies the story headlined ‘Apollo Back in Kumho Race as Geopolitics Sours China Deal’ that appeared in the print edition of ‘The Economic Times’ on Oct 2, 2017. The company would like to reiterate that it has no intention of making any attempts to enter the process of acquiring Kumho Tyres, as stated in the story,” said an Apollo spokesperson.
Several news agencies have reported that Kumho Tire may be rescued from bankruptcy thanks to credit deal put together by a consortium led by the state-owned Korea Development Bank.
