India tyre major CEAT on Tuesday has announced that it has decided to make an acquisition of additional 5.14 percent stake in the Tyresnmore Online, an online tyre selling platform, which was formed in June 2014.
CEAT also said that it will invest Rs 2.60 crore more in the tyre selling platform for this further acquisition.
The fresh investment will be made in one or more tranches.
As the tyre major claims, upon completion of the new investment in all tranches, the total holding of CEAT in the Tyresnmore Online on a fully diluted basis would be 40.70 percent. The fresh investment is expected to be completed by the end of FY21, claims CEAT.
