Mahansaria Tyres Private Limited (MTPL) has made an agreement in-principle with Tyres International Inc (TI) to buy a majority stake in the US-based tyre wholesaler. According to MTPL, the move is the latest part of its bid to build a global, market leading off-Highway tyre business and the first part of MTPL plans to build its distribution network in North America.
Commenting on its agreement in principle to buy a majority stake in European Agriculture Tyre Distributor (EATD), Mahansaria Tyres Private Limited (MTPL) states that it intends to build a global, market leading off-highway tyre business. MTPL describes the acquisition as its first step towards building its distribution network in Europe and developing EATD into “a leading” European distributor. EATD has also announced that it will distribute MTPL tyres in Germany, Austria, Switzerland, Belgium, Netherlands, Czech Republic, Slovakia and Poland, along with continuing to act as a distributor for Tianli tyres.
EATD recently disclosed plans to bring a new investor on board, and when we spotted Yogesh Mahansaria visiting the distributor’s stand at Agritechnica 2019 the list of potential investor candidates suddenly became a whole lot shorter. Mahansaria is indeed the new investor; EATD confirms that Mahansaria Tyres Private Limited (MTPL) has reached an in-principle agreement to acquire a major stake in the company.