<p>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.<br /><br />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.</p>
<p>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.<br /><br />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.</p>