The deal was completed for a share purchase consideration of Rs 117.61 crore and a “non-compete fee net of withholding tax in the sum of Rs 17.22 crore”, Modi Rubber said.
Pursuant to the sale, Modi Tyres has become a wholly-owned subsidiary of Continental Group. In April 2011, Modi Rubber had inked agreements with Continental for selling its entire stake in Modi Tyres.
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