Ceat acquires balance stock of ACHL
05 Jun 2010
According to tyre major Ceat, its Sri Lankan investment arm, Associated Ceat Holdings Company(ACHL) has now become its wholly owned subsidiary after it acquired the remaining stake in the Colombo-based firm.
In a filing to the Bombay Stock Exchange, the company said it had acquired the remaining stake of 45.16 lakh shares in the firm in addition to the 54.84 per cent it already held.
Ceat, however, has not disclosed the financial details. The company also did not disclose the information about group entities involved in the transaction,
ACHL has a 50 per cent stake in Ceat Kelani Pvt Ltd, the Ceat and Colombo-based Kelani Tyres Ltd.
The JV company operates three wholly owned subsidiaries, manufacturing tyres under the Ceat brand in the Sri Lanka.