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Watts passes to Indian group

An Indian conglomerate has  completed the acquisition of Watts Lanka PvT, a solid industrial tyres manufacturing company in Sri Lanka owned by European partners, trade press reported. Sun Tyre & Wheel Systems, part of the $6 billion TVS Group of India bought Watts Lanka (which will be renamed shortly), which was a joint venture between Watts Tyres Limited of Britain and KVK Invest JSC of Bulgaria.