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Kesoram to infuse Rs 600 crore in tyre business, to acquire mine

 MerryKeppel
  48
 May 29, 2024

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Kolkata: B K Birla group company Kesoram Industries will invest Rs 660 crore in the current financial year Rs 100 crore for acquisition of mining and tire business.

Tridibi Kr Das, Director and CFO, Kesoram “We are planning to invest Rs 6,600 crore in the year 2016-17,” said after the Annual General Meeting 2016-17. These investments will be invested in cement and tire business.”

As Chairman B K Birla Senior Vice Chairman Manjushreee could not attend the meeting due to health reasons Khaitan presided over the meeting.

Das said that Rs 35 crore will be spent on the tire business, of which Rs 30 crore will be spent on the automotive radial tire plant at Balasore.

“This vehicle radial unit worth $290 4 million is planned for $40,000 Monthly investment in commercial production with an investment amount of 5 An additional Rs 3 billion will be spent this year Rs 3 billion,” he said.

Das “We have allocated an additional 2.5 for acquisition of mining land around the cement plant in vasavdatata Karnataka for the next 20 years, reserving available mining land this year.”

Demand for cement is yet to recover, but analysts say strong days are on the horizon.

On financing investment plans, Das said the company is evaluating debt and equity financing, but no firm decision has been taken.

Das said the company has almost halved its long-term debt to about Rs 220 crore, but the debt-equity ratio is still at unfavorable levels of 63, 33 and 601.

Currently, the company is trying to consolidate and stabilize the situation behind the hive of tire factories, disregarding pests like rayon.

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