Apollo Tyres founded in 1972 one of the largest tyre manufacturers of India which produces automotive bias and radial tyres, is set to receive $150 mn funding from Warburg a private firm investor.

The firm investor Warburg Pincus through its subsidiary Emerald Sage Investment Ltd,

in an agreement has agreed to purchase compulsory convertible preference shares (CCPS) worth of 10,800 million (approximately US$150 million) from Apollo Tyres.

The firm has more than $58 billion in private equity assets under investment management and is currently investing in more than 190 companies across various sectors and various places. Established in 1996 this firm has invested in more than 890 companies in more than 40 Countries.

Onkar S Kanwar, Chairman and Managing Direction of Apollo Tyres is very much overwhelmed by the investment of Warburg Pincus. Backed by a large financial investor he believes the partnership will build up a strong future for the Apollo Tyres.

Warburg Pincus is happy and excited to partner with Apollo Tyres and supports them in the next phase of the company’s growth as it believes the company will rise to achieve great success.