Continental Group buys Modi Tyres for Rs 117.61 cr

Modi Rubber on Friday completed the sale of its subsidiary Modi Tyres to Continental Group for an estimated Rs 117.61 crore.

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 in a regulatory filing.

The transaction was completed on Friday, it added.

Pursuant to the sale, Modi Tyres has become a wholly-owned subsidiary of Continental Group.

In April this year, Modi Rubber had inked agreements with the Continental Group for selling its entire stake in Modi Tyres.