Ceat acquiring online tire service provider in India
Buying all shares of tire distribution and fitting service platform Tyresnmore Online
Mumbai, India – Ceat Ltd is acquiring all shares of Indian digital tire distribution and fitting service platform Tyresnmore Online, Ceat has recently announced.
The tire maker is investing up to INR30 million (€336,000) for the remaining 39.34% of shares in Tyresnmore, having increased its ownership in the business to 56.9% earlier in June.
In a notice to the Mumbai Stock Exchange 4 Aug, Ceat said it expected to complete the purchase in the second quarter of its 2024 financial year, starting April 2024.
Once the transaction is completed, Ceat said Tyresnmore shall become a “wholly owned” subsidiary of the tire maker.
Tyresnmore launched its “doorstep” tire fitment services in 2014 in Delhi and has since expanded into other major Indian cities, including Delhi, Bangalore, Hyderabad, Pune and Mumbai.
The service company has also expanded its offerings to doorstep replacement of batteries in addition to tire fitting.
In the 12 months to end of March, privately-owned Tyresnmore delivered sales INR142.5 million, up from INR102 million the year before, according to Ceat.