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Earlier in February the anti trust watch dog had released a statement about fining these tyre companies a total of ₹ 1,788 crores (of which Apollo Tyres fined ₹ 425.53 cr.) for sharing price sensitive information among themselves to manage their cartelization of tyre prices for supplies to the public transport corporation of Haryana state.
Apollo Tyres India: 1972 Apollo, [2] Apollo Tyres South Africa, [a] Bearway, [3] Kaizen, Maloya, Regal, Vredestein: Birla Tyres India: 1991 Birla Tyre [4] Belshina Belarus: 1965 Belshina [5] Bridgestone Japan: 1931
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This went on as long as the stock prices kept going up, and no one had a clue about Mehta's operations. Once the scam was exposed, though, a lot of banks were left holding BRs which did not have any value – the banking system had been swindled of a whopping ₹ 4,000 crore (equivalent to ₹ 310 billion or US$3.6 billion in 2023).
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On 12 June 2013 Apollo Tyres Ltd announced the acquisition of Cooper Tire & Rubber Company in a US$2.5 billion deal. This would have turned Apollo Tyre into the world's seventh-largest tyre company, with combined global revenue of an estimated US$6.6 billion, according to Tire Review data, [ 6 ] but on 30 December 2013, the Cooper acquisition ...
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Kanwar has grown Apollo Tyres from a small single-plant Indian company into a multinational with seven plants worldwide, and annual revenues in excess of US$ 3 billion. [7] In June 2013, it was reported that Apollo Tyres would buy US-based Cooper Tire & Rubber Company for about $2.5 billion in a deal that would make it the world's seventh ...