Warburg Pincus invests in India's Apollo Tyres

Emerald Sage Investments, a vehicle controlled by the private equity firm, will subscribe to 108 million compulsorily convertible preference shares issued by Apollo, according to a filing. The size of the stake was not disclosed. 

Founded in 1972, Apollo makes rubber tyres for two-wheelers and four-wheelers. It sells to both original equipment manufacturers and consumers through dealerships. In Europe, it opeates under the Apollo and Vredestein brands

For the 12 months ended March 2019, revenue rose 15.6% year-on-year to INR172.7 billion, while net profit dropped from INR7.2 billion to INR6.2 billion. India-only revenue was INR110 billion, trailing domestic rival MRF Tyres, which generated INR142.7 billion. Apollo, however, earns more overseas. Nearly 30% of its total sales are from exports outside its core markets in Asia Pacific and the Middle East.

Other recent India investments by Warburg Pincus include financial data platform Perfios, education-focused financier Avanse Financial Services, and logistics technology player Rivigo.

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• Topics
• Industrials
• PIPEs
• South Asia
• India
• Warburg Pincus Asia
• manufacturing