JK Tyre in final lap to acquire Kesoram's tyre unit: Sources
The deal is aimed to cut debt on the books of Kesoram Industries and restructure operations.
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By Yatin Mota
NEW DELHI: India's third-largest tyre maker JK Tyre & Industries Ltd is in the final lap to purchase Birla Tyres from Kesoram Industries for a total consideration of Rs 2,200 crore, sources close to the development said.
The discussion is at an advanced stage and the deal could be announced next week. The deal is aimed to cut debt on the books of Kesoram Industries and restructure operations.
Kesoram Industries Ltd's debt on books currently stands at over Rs 4,400 crore.
Kesoram and JK Tyre are yet to respond to an email query sent by ET Now.
NEW DELHI: India's third-largest tyre maker JK Tyre & Industries Ltd is in the final lap to purchase Birla Tyres from Kesoram Industries for a total consideration of Rs 2,200 crore, sources close to the development said.
The discussion is at an advanced stage and the deal could be announced next week. The deal is aimed to cut debt on the books of Kesoram Industries and restructure operations.
Kesoram Industries Ltd's debt on books currently stands at over Rs 4,400 crore.
Kesoram and JK Tyre are yet to respond to an email query sent by ET Now.
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