TVS Srichakra announces acquisition of SG Acquisition Corporation

TVS Srichakra Ltd has revealed plans to acquire SG Acquisition Corporation in a deal worth USD 3 million, allowing them to take control of Super Grip Corporation, a notable off-highway tire manufacturer based in the United States. This transaction involves the subscription of 300 common shares at a rate of USD 10,000 per share, amounting to a total investment of USD 3 million in SG Acquisition Corporation. This move secures TVS Srichakra full ownership of SG Acquisition Corporation, strengthening their position in the off-highway tire industry.

Following the acquisition, SG Acquisition Corporation will proceed to manage the assets, liabilities, and business operations of Super Grip Corporation. The focus of SG Acquisition will primarily be on off-highway tire products. The acquisition aligns with TVS Srichakra's strategic goal of expanding their presence in the US market.

SG Acquisition Corporation was officially registered on September 5, 2023, though specific details regarding its background, business activities, and financial performance over the past three years are currently unavailable.