NEW YORK: The US investment firm KKR has bought a controlling stake in the Indian tire maker Alliance Tire Group (ATG), the parties said in a joint statement on Friday.
Kohlberg Kravis Roberts signed an agreement with its US rival Warburg Pincus to buy its stake in ATG, the statement said.
Financial terms of the transaction, which still need regulatory approval, were not disclosed.
ATG founder Yogesh Mahansaria "will continue to maintain an ownership stake in the company and partner with KKR to continue to grow the business," the statement read.
KKR's investment will allow the company to enter new markets, "make strategic acquisitions, and help scale our global presence" Mahansaria said.
ATG, which employs more than 2,500 people around the world, specializes in off-highway tires, mainly for the agricultural, forestry and construction industries.
The tires are made at plants in India and Israel, and the company has research and development sites in Israel, India, the United States and South Africa. (AFP)
