The Board of Directors of TVS Srichakra Ltd. on Friday approved the formation of a subsidiary in the USA with the intention of acquiring the business of Super Grip Corporation, USA.
Super Grip Corporation is a Tennessee-based company, established in 1984, to meet the need for tyres for the industrial tyre market.
In a statement, the company said that for TVS Srichakra, the proposed acquisition is in line with its growth agenda in the off-highway tyre market. The company has recently invested in a new plant at its Madurai facility, which doubles its off-highway tyre capacity. This investment is largely directed at global markets.
S Ravichandran, Director, TVS Srichakra Limited, said, “The company fits in well with our plan to expand our off-highway tyre business globally. The proposed transaction also brings with it an experienced and motivated management team, which will add value to the business over time”.