When Modi Rubber closed an agreement with German tyre manufacturer Continental for outright sale of Modi Tyre Company Ltd (MTCL) last month, the exit led to speculation of the group foregoing interests in the segment.
B K Modi's last-ditch bid to wrest ownership control of Modi Rubber by bettering his offer seems to have failed, with financial institutions having a combined 44 per cent stake in the company committing to sell it to his brother V K Modi.
The world's fourth largest tyre manufacturer Continental has taken over full control of India's Modi Tyres Company in an all-share deal valued at 18.6 million euros.
The company has invested about Rs 300 crore (Rs 3 billion) for resuming production at the Modinagar plant near Meerut. The earlier tie-up with Continental, which is the world's fourth-largest tyre producing company, had lapsed after the closure of the plant in 2001. Labour unrest and litigations had led to the closure of the unit then.
Xerox Corporation on Tuesday said it would increase its shareholdings in Xerox India Ltd to 100 per cent from the current 86 per cent.
Apollo and Cooper are yet to make the customary rounds of courts to settle termination charges and break-up fees, but the mood already is buoyant among institutional investors who had red-flagged the highly leveraged transaction agreed upon by the Indian company.
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