TVS Srichakra Ltd on Friday stated it’ll absolutely purchase US-based SG Acquisition Company for USD 3 million (almost Rs 25 crore) to take over Tremendous Grip Company, an off-highway tyre maker. The corporate has made an funding in SG Acquisition Company, USA. It includes the subscription of 300 widespread shares at a worth of USD 10,000 per share, aggregating to a complete quantity of USD 3 million in SG Acquisition Company, USA, TVS Srichakra stated in a regulatory submitting.
“This funding grants us 100 per cent possession of SG Acquisition Company, USA,” it added.
The corporate additional stated SG Acquisition Company will subsequently assume and take over property, liabilities and enterprise operations of Tremendous Grip Company, USA.
“SG Acquisition will deal with off freeway tyre merchandise,” it stated, including the acquisition would assist it in increasing its enterprise within the US.
TVS Srichakra stated SG Acquisition was registered on September 5, 2023 and “consequently, pertinent particulars concerning its background, enterprise actions and monetary efficiency over the previous three years are unavailable”.