London – Yokohama Rubber Co. (YRC) is seeking to buy a majority stake in Indian OTR tire-manufacturer Alliance Tire Group (ATG), ERJ has learnt from an industry source.
According to the source, private equity group Kohlberg Kravis Roberts (KKR), which owns 90 percent of ATG’s shares, is currently in talks with the Japanese tire-maker to close a deal.
When contacted by ERJ, both ATG and New York-based KKR declined to comment on what they described as “speculation”.
"As per company policy we do not comment on speculative reports," ATG's founder and CEO Yogesh Mahansaria said in a written reply.
KKR bought the shares of the Mumbai-based tire company from rival PEG WarburgPincus for €500 million in 2013.
Following the deal, ATG leader Mahansaria remained in control of the day-to-day management of ATG, and retained a 10-percent stake in the business.