PamelaJessie - China Automobile Expert-CNAUTO

NEW DELHI: India’s third largest tire maker JK Tire Industries has signed a binding agreement with Kesoram Industries Limited, a flagship company of the BK Birla Group, for Rs 219.5 signing crore for acquiring a manufacturing plant in Laksar village in Hariwar district. We manufacture a wide range of tires, inner tubes and outer tubes. According to the deal overview, JK Tires acquisition of Kesoram will acquire Cavendish Industries, a wholly owned subsidiary of Industries, which has a tire plant in Laksar. JK Group has agreed to acquire an enterprise value of Rs 200 crore at around 220. The transaction will be funded by internal accruals and debt raised by JK Tyres and other JK Group subsidiaries. The financial exposure to the JK Tire acquisition is expected to be around Rs 4.5 billion as per the Bombay Stock Exchange disclosures. ET first reported the proposed transaction this year in July. In a statement, JK Raghupati Singhania said, “The transaction reflects th...

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Tyre

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Const machinery & Agro equipment

JK Group to buy Kesoram’s Haridwar tyre unit for Rs 2,200 crore