WestBridge increases holding in Indian tire maker
India's WestBridge Capital Partners has increased its stake in CEAT, a publically-listed tire manufacturer headquartered in Mumbai.
Westbridge previously acquired a 2.13% stake in the company last May over several tranches. According to a disclosure, the GP - via its investment vehicle Jwalamukhi Investment Holdings - bought an extra 3.51%, bringing its stake to 5.64%. The value of the deal is estimated to be around $20 million. VCCircle identified the seller as an investment arm of Kotak Mahindra Bank.
CEAT - the flagship company of RPG Enterprises - makes tires for trucks, buses, light commercial vehicles, forklifts, tractors, cars and motorcycles. Its clients include Tata Motors, Bharat Benz, Ashok Leyland, Bajaj, Royal Enfield and Mahindra & Mahindra. The company also also sells products in the after-sales market to consumers through dealers.
For the year ended March 2015, CEAT's net sales came to INR55.4 billion, up from INR53 billion the previous year, while net profit rose to INR2.9 billion from INR2.5 billion.
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