Tyre major Ceat today said its Sri Lankan investment arm Associated Ceat Holdings Company has become a wholly-owned subsidiary of itself after acquiring the remaining stake in the Colombo-based firm.
Ceat, which had a 54.84 per cent shareholding in the investment company, has acquired the remaining stake, amounting to 45.16 lakh shares, the company said in a filing to the Bombay Stock Exchange (BSE).
However, the tyre maker did not disclose the financial details or information about the group entities involved in the transaction.
"Ceat Ltd has informed BSE that the company, currently holding 54.84 per cent stake in its Sri Lankan investment arm, Associated Ceat Holdings Company Ltd (ACHL), Colombo, has acquired the remaining 45,15,789 equity shares of the said ACHL," Ceat said in the filing.
Following the acquisition of the 45.16 per cent stake, ACHL has become a wholly owned subsidiary of Ceat.
ACHL holds 50 per cent stake in Ceat Kelani Pvt Ltd, a joint venture between the Indian tyre giant and Colombo-based Kelani Tyres Ltd.
The JV company operates three wholly owned subsidiaries, which manufacture tyres under the Ceat brand in the island nation.
source - http://www.business-standard.com
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