Ceat acquires remaining Tyresnmore shares

Indian online tyre retailer Tyresnmore.com is now a wholly owned subsidiary of Ceat Ltd. On 4 August, the tyre maker entered into a share purchase agreement with Tyresnmore Online Private Limited to acquire 108,637 equity shares in the business, an amount equal to a 39.34 per cent of its total share capital.

This month’s share purchase agreement follows the acquisition of 10.89 per cent of Tyresnmore’s share capital in June 2023, which lifted Ceat’s stake in the online retailer to 56.9 per cent.

Tyresnmore was established in 2014 and achieved turnover of Rs 142.58 million (£1.35 million, US$1.72 million) during the 2022-23 financial year, up 39.6 per cent year-on-year and an increase of 122.1 per cent compared with FY 2020-21. According to the company’s website, it currently offers customers a doorstep delivery and fitment service in 11 major urban areas, and plans are in place to expand this to “all cities in India.”