Ceat has entered into a share purchase agreement with Tyresnmore Online (Tyresnmore), its Promoter and other existing shareholders of Tyresnmore, for purchase of 1,08,637 equity shares, aggregating to 39.34% of the total share capital of Tyresnmore. Pursuant to the purchase of the aforesaid shares, Tyresnmore will become a wholly owned subsidiary of CEAT. The company has entered into a share purchase agreement on August 4, 2023. The proposed purchase up to Rs 3 crore is scheduled to be made in Q2FY24.
Tyresnmore is, inter alia, engaged in the business of selling automotive tyres, accessories and/or providing services of installing, fitting, wheel balancing and wheel alignment for automotive tyres.
Ceat is among the best tyre manufacturers in India. It manufactures a wide range of tyres for two-wheelers, three-wheelers, four-wheelers, tractors and tippers and trucks. Besides tyres, the company also manufactures and markets tubes and flaps.
