New Delhi: Leading tyre-maker Apollo Tyres on Monday announced buying German distributor Reifen.com for Rs.322 crore (45.6 million euro).
"The acquisition is a strategic fit in growing our European business, as it (Reifen GmbH) will enable us to improve its mix of distribution channels in Germany and Europe," Apollo managing director Neeraj Kanwar said in a statement here.
As one of the largest tyre distributors with 37 stores and service centres across Germany, Reifen has both offline and online presence in five other European countries -- Austria, Denmark, France, Italy and Switzerland.
"Reifen will also increase visibility of Vredestein tyres and ours in the offline and the fast-growing online retail space," Kanwar said.
The distributor's efficient logistics system ensures availability of all types of tyres and rims in spring as well as autumn at competitive prices, as it procures them from leading manufacturers worldwide.
Reifen managing directors Olaf Sockel and Heiko Knigge jointly said in the statement: "It is our privilege to join hands with Apollo, which shares our passion to provide world-class products and services to customers."