Apollo to buy Vredestein Banden

Gurgaon, India -- Apollo Tyres is to buy the Dutch tyre maker, Vredestein Banden BV from its troubled parent, Amtel-Vredestein NV.

The trustee in bankruptcy at the Almelo Court in The Netherlands has approved Apollo  offer to acquire 100% stake of Vredestein Banden B.V. (“VBBV”), based out of The Netherlands.

The parties said they would provide further information, including price, only after certain conditions have been met and certain approvals, including regulatory and statutory approvals are granted.

Apollo Tyres' Board of Directors today gave their approval to the Management to proceed with requisite approvals and compliances on the acquisition of Vredestein.