TVS Srichakra Concludes Acquisition of SG Corporation

On Nov 3, TVS Srichakra Ltd announced its complete acquisition of SG Acquisition Corporation, a US-based company, for USD 3 million (approximately Rs 25 crore). This acquisition aims to enable TVS Srichakra Ltd to assume control over Super Grip Corporation, a manufacturer of off-highway tyres. The company has decided to invest in SG Acquisition Corporation, a company based in the USA. In accordance with a regulatory filing, TVS Srichakra has subscribed to 300 common shares at a rate of USD 10,000 per share. This subscription amounts to a total sum of USD 3 million in SG Acquisition Corporation based in the USA.

In addition, the investment announcement stated, "We now have complete ownership of SG Acquisition Corporation, USA."  According to the company, SG Acquisition Corporation will subsequently take on the assets, liabilities, and business operations of Super Grip Corporation, USA.

As per the statement, SG Acquisition plans to primarily concentrate on off highway tyre products. It also emphasized that acquiring these products will aid in the expansion of its business operations in the United States.

TVS Srichakra said SG Acquisition was registered on September 5, 2023, and "consequently, pertinent details regarding its background, business activities and financial performance over the past three years are unavailable."

They supply tyres to major companies, namely TVS Motors, Hero Honda, Bajaj Auto and Yamaha Motors. The company has a network of over 2050 dealers and 23 depots spread across in India. Globally, it exports to the USA, Europe, Africa, South America and South East Asia.