Birla Tires manufactures tires for commercial vehicles, agricultural vehicles, heavy vehicles, earthmoving machines, motorcycles and tricycles.

Birla Tyres Kesoram is an Industries Last year, the company got a debt settlement from the Bankruptcy Court of India and has now received a letter of intent (EoIs) from Ceatt, Bain-Piramal backed India Recovery Fund, Naveen Jindal Company Jindal Power waiting for the company. This issue is promoted by Purnendundu Chatterjee Dalmia Bharat Refractories and MCPI.

In May 2022, chemical manufacturer SRF defaulted on its Rs 150 million dues under the Corporate Insolvency Resolution Process (CIRP) in a petition, following which the National Company Court imposed sanctions on the company.

Pratim Bayal, Solution Specialist Supported by PwC, EOI invited Applicants should submit their solutions by the end of this month.

pRP has acknowledged the Rs 11.28 billion claim by financial creditors but did not respond to ET’s request for comment.

Other EoIs include applicants Poly Films including Jindalal, Falcon Marine Imports, Himadri Specialty Chemicals, KLJ Specialities, Bommidala Enterprises, United Biotech, KR Pulp and Paper, Orissa Metaliks, Shyam Sel and Power and a consortium led by DD Steel and Power.

Other strategic investors include fund management company Dickey Asset Management operating Dickey Alternative Investments Trust, Prudent ARC Trust RKG Operating Fund-I, Stephenssss Financial Services and Edelwesssssssssss. Edelwesssssssss Alternative Asset Advisors leading the consortium.

Birla Tires manufactures tires for commercial vehicles, agricultural vehicles, heavy earth machinery, motorcycles and tricycles. In 2019, it was spun off from its parent company, Kesoram Start Industries, to become an independent tire manufacturer.

br “The location of the plant was one of the main attractions-it is situated at 181 A person familiar with the debt settlement process said, in an industrial park on acres of freehold land.

The second reason was the proximity of three ports and an airport (-Subarnarekha Port, Mahanadi Riverine Port, Paradip Port and Biju Patnaik International Airport) near the factory.

The company had a manufacturing facility at Balasore, Orissa, but it has been closed for the last two years. Birla Tires also has an ongoing project near its existing Balasore plant to manufacture radial tires for passenger cars.

Among the lenders, Axis Bank had the highest claim of 55.56 followed by Asset Reconstruction India at Rs 19.6 12 crore and State Bank of India at Rs 1.2 crore crore crore.

Other lenders include DBS Bank, HDFC Bank, ICICI Bank, IndusInd Bank and Yes Bank.