Metro Tyres Hints at IPO
Metro Tyres has suggested that it might consider going public in order to fund a possible acquisition of Falcon Tyres. The news follows the company’s recent admission that it was interested in purchasing Falcon Tyres.
India’s Economic Times has reported that Metro Tyres would consider going public to fund “any opportunity that may arise.” Metro Tyres group managing director Rummy Chhabra said the company was “open minded” on the issue of going public even if it was a privately held company now.
“As for the immediate requirement, there is no such plan (for an IPO), but if an opportunity were to come our way anytime, we might do so in order to meet our funding requirements,” he said.
Mr Chhabra said the company would not make a “desperate” attempt to acquire Falcon, as Metro was open to independent alternate production arrangements in case it failed to succeed in the buying company.
The purchase of Falcon Tyres is reportedly being considered by a number of other companies including JK Tyre, Apollo and Hero Group.