Apollo Tyres, on Wednesday, said it was selling its South African business along with a passenger car tyre plant to Sumitomo Rubber Industries in a deal valued $60 million (about Rs.340 crore).

The company would, however, retain the Durban plant, which manufactures truck and bus radial tyres and off highway tyres used in the mining and construction industries, Apollo Tyres said in a statement.

Under the deal, Sumitomo Rubber Industries (SRI) would take over Apollo Tyres South Africa (ATSA) along with its Ladysmith-based car tyre plant.

All employees of the company, other than those in the Durban plant, will continue with ATSA.

Apollo will retain the Durban plant and all employees attached to it, the statement said, adding there would be no job loss due.

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