Indian tyre manufacturer Apollo Tyres is considering to acquire major stake worth abotu $600-800m in the US-based tyre maker Cooper Tire & Rubber Company.
The acquisition is expected to provide Apollo Tyres access the US replacement tyre market in the passenger, light and medium trucks segment in which Cooper Tire mainly deals in.
Cooper Tire & Rubber Company is involved in the design, manufacture, marketing and sales of passenger car and light truck tires.
Apollo Tyres said it is raising $150m which will help the company to raise an additional $600m debt for funding the acquisition, according to Reuters.
To raise up to $150m, the company said it has hired Standard Chartered and HSBC for a secondary share sale in the Indian market.
Apollo Tyres has acquired South Africa-based Dunlop Tyres in 2006 and Dutch tire-maker Vredestein Tires in 2009.
