ERJ staff report (BC)
Mumbai - Private equity firms including Singapore state investor Temasek Holdings and KKR & Co are separately in advanced talks to buy Warburg Pincus LLC's majority stake in Indian tyre maker Alliance Tire Group for about $400 million, report Sumeet Chatterjee and P M Indulal of Daily News & Analysis. They cite three sources with direct knowledge of the matter.
Other interested bidders include US private equity firms Advent International and TPG Capital, said the sources, all of whom declined to be named as the details of a possible deal are not yet public.
Alliance Tire aimed to generate sales of more than $600 million in 2012, its website showed.
US-based private equity firm Warburg Pincus, which invested in Alliance in 2007, is selling its roughly 72% stake in the company, with final bids are expected to be invited by the end of January.
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