New Delhi, Dec. 8 -- Anant Goenka, vice-chairman of RPG Group, recalls a chance meeting with an HSBC banker during a flight from Delhi to Mumbai some six months ago, which sparked the conglomerate's interest in acquiring Michelin's off-highway tyres and tracks business.

In the next 4-6 months, Ceat faced a brief process as it had to navigate competing interests from Indian and Chinese tyre manufacturers that were also pursuing Camso. The company needed to determine its strategy and propose a price, which ultimately led to a deal announcement last week.

On Friday, tyre maker and RPG Group company Ceat said that it has entered into a definitive agreement with the French tyre maker Michelin to acquire its Camso brand's off-highway tyres (O...