TVS Srichakra sets up Susdiary in the US to acquire Super Grip
HYDERABAD, Oct 22 (The CONNECT) - The Board of Directors of TVS Srichakra Ltd. today approved the formation of a subsidiary in USA, with the intention of acquiring the business of Super Grip Corporation, USA.
Super Grip Corporation is a Tennessee based company, established in 1984, to meet the need for high quality tyres for the industrial tyre market.
For TVS Srichakra, the proposed acquisition is in line with its growth agenda in the off-highway tyre market. The company has recently invested in a new plant at its Madurai facility which doubles its off-highway tyre capacity. This investment is largely directed at global markets.
S Ravichandran, Director, TVS Srichakra Limited said, “We view the proposed Super Grip transaction with excitement. The company fits in well with our plan to expand our off-highway tyre business globally. The proposed transaction also brings with it an experienced and motivated management team, which will add value to the business over time”.