Jan 11 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, three sources with direct knowledge of the
Other interested bidders include U.S. 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.
U.S.-based private equity firm Warburg Pincus, which
invested in Alliance in 2007, is selling its roughly 72 percent
stake in the company, the sources said, adding that final bids
are expected to be invited by the end of this month.
Two other minority investors may also sell their stakes in
Alliance, giving the buyer roughly 75 percent of the tyre maker,
two of the sources told Reuters on Friday.
The company owns two manufacturing plants, one each in
Israel and India, and has a sales presence in more than 120
countries, according to its website. Alliance's tires are also
made at contract manufacturing facilities in China and Taiwan.
Ashok Mahansaria, founder of Alliance Tire Group, did not
respond to an email seeking comment. Warburg Pincus and Temasek
declined to comment when contacted by Reuters, while KKR, Advent
and TPG did not immediately respond to requests for comment.