TVS Srichakra Ltd on Friday said it will fully acquire US-based SG Acquisition Corporation for $3 million (nearly Rs 25 crore) to take over Super Grip Corporation, an off-highway tyre maker.
The company has made an investment in SG Acquisition Corporation, USA. It involves the subscription of 300 common shares at a price of $10,000 per share, aggregating to a total amount of $3 million in SG Acquisition Corporation, USA, TVS Srichakra said in a regulatory filing.
"This investment grants us 100% ownership of SG Acquisition Corporation, USA," it added.
The company further said SG Acquisition Corporation will subsequently assume and take over assets, liabilities and business operations of Super Grip Corporation, USA.
"SG Acquisition will focus on off highway tyre products," it said, adding the acquisition would help it in expanding its business in the U.S.
TVS Srichakra said SG Acquisition was registered on Sept. 5, 2023 and "consequently, pertinent details regarding its background, business activities and financial performance over the past three years are unavailable".
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