New Delhi, 20th October 2023: The Board of Directors of TVS Srichakra Ltd. today approved the formation of a subsidiary in 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 high quality tyres for the industrial tyre market.
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.
Speaking on the occasion, Mr. S Ravichandran, Director, TVS Srichakra Limited said, “We view the proposed Super Grip transaction with excitement. 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”.
About TVS Srichakra Ltd.
TVS Srichakra Limited, makers of TVS Eurogrip, Eurogrip and TVS Tyres brands of tyres is one of India’s leading manufacturers and exporters of Two, Three-Wheeler tyres and Off-Highway tyres. Incorporated in 1982, it is one of the verticals of the USD 2 Billion TVS Mobility - the holding company for the businesses.
With global research and development capabilities and cutting-edge technology, TVS Srichakra produces industry-leading tyres for the automotive sector in India and worldwide. Headquartered in Madurai, TVS Srichakra has manufacturing facilities in Madurai (Tamil Nadu) and Rudrapur (Uttarakhand) with a production capacity of over 3 million tyres a month. The company has a design centre in Milan, Italy supporting the R&D centre in Madurai and the tyres are tested in Indian, European, and Japanese road conditions. TVS Srichakra’s products are available in over 85 countries across the world. In India, the company enjoys a significant market share amongst the original equipment manufacturers and replacement markets and has a comprehensive network of distributors and dealers giving it a robust presence.
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