KKR says to buy controlling stake in India's Alliance Tire

HONG KONG, April 12 Fri Apr 12, 2013 12:02am EDT

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HONG KONG, April 12 (Reuters) - U.S. buyouts firm KKR & Co L.P. has agreed to buy a controlling stake in India's Alliance Tire Group from Warburg Pincus, the three companies said on Friday, without disclosing details of the transaction.

Yogesh Mahansaria, founder of ATG, will continue to maintain an ownership stake in the company.

Reuters earlier reported that KKR would pay around $500 million for the stake from Warburg, which invested in Alliance in 2007.