India’s competition authority approves Warburg Pincus’ investment in Apollo Tyres
The Competition Commission of India (CCI) has approved Warburg Pincus’ indirect acquisition of a 9.93 per cent stake in Apollo Tyres Limited. The purchase of 108,000,000 compulsorily convertible preference shares in the tyre maker, each share worth Rs 100, is being carried out by Emerald Sage Investment Limited. This transaction is worth approximately Rs 10.8 billion (£114 million).
Emerald is an investment holding company incorporated under the laws of Mauritius. Shareholders of Emerald are certain private equity funds managed by Warburg Pincus LLC, which acts as a manager to certain private equity funds.