NEW DELHI: Global private equity firm Warburg Pincus will invest $150 million in Apollo Tires.

The Board of Directors of Apollo Tires today approved the issue of mandatory convertible preference shares of the company worth Rs. 1,080 crore (approx. USD 150.1 million) by affiliates of Warburg Pincus, which it is a leading global private equity firm focused on growth investments.

The investment represents a significant capital injection into the company and remains subject to shareholder and regulatory approval.

Commenting on the transaction, S Kanwar, Chairman and Managing Director, Apollo Tires said, “We are delighted to announce Warburg Pincus’ investment in Apollo Tires. Their investment is a strong vote of confidence in our business, management team and growth prospects. I am confident that the company will benefit from the support of a large financial investor and our partnership will further strengthen Apollo Tyres’ board and governance structure.

Vishall Mahadevia, Managing Director and Head of Warburg Pincus India, said: “We see a strong growth story for Apollo Tyres and believe that the company is well-positioned to build on its strong internal leadership position. I am excited to work with Apollo Tyres’ leadership team on this journey and look forward to supporting the company in its next phase.”