TVS Srichakra to buy SG Acquisition Corporation

New Delhi 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 per cent 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.