Apollo Tyres, one of the leading tyre manufacturers in India, today announced the acquisition of Reifencom GmbH, one of the largest tyre distributors in Germany for Euro 45.6 million.

Reifencom GmbH has an online presence in 6 countries - Germany, France, Italy, Austria, Switzerland and Denmark. In addition, it operates 37 stores and service centres across Germany.

Commenting on the acquisition, Neeraj Kanwar, vice chairman and managing director, Apollo Tyres said, "The acquisition is a strategic fit in further growing our European business. It will enable Apollo to improve its mix of distribution channels in Germany and Europe and aid in increasing the visibility of Apollo and Vredestein tyres in the offline and especially the fast growing online retail space."

Olaf Sockel and Heiko Knigge, Managing Directors, Reifencom GmbH said, "It is our privilege to join hands with Apollo Tyres, where the team shares our passion for providing world-class products and customer service."

Shares of the company gained Rs 2.6, or 1.68%, to settle at Rs 157.70. The total volume of shares traded was 683,102 at the BSE (Monday).