Alliance deal not yet complete, says Warburg Pincus

Mumbai, India - Further to Indian press reports that Israel's Alliance Tire has been sold to Indian investors and investment bank Warburg Pincus for $45 million, a Warburg Pincus spokeswoman said, "The deal is yet not completed, which will take some time. Hence Warburg Pincus is unable to share any comments prior to its completion."

DNA Money, based in India, reported on Tuesday that Yogeshkumar Mahansaria and his brother Ashokkumar have tied up with US buyout firm Warburg Pincus LLC to acquire Israel-based Alliance Tyre for $45 million. The two brothers previously ran Balkrishna Industries Ltd, which makes tyres in India, but have now left that company to set up on their own.

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Mahansaria, Warburg to buy Israel's Alliance Tyre DNA Money (India)