JK Tyre to Buy Unit of Birla Tyres

Time: Aug 8th  2015   Copy editor: Tyrefull

JK Tyre BSE & Industries, could be a potential buyer of the Uttarakhand tyre unit of BK Birla flagship Kesoram Industries BSE for Rs 2,000-2,200 crore, according to India Times.

The deal would give JK Tyre a fifth of the Indian market and make the company an equal player with the county’s second largest tiremaker Apollo Tyres.

According to reports, JK Tyre will borrow Rs 1,500 crore from public and private sector banks, including State Bank of India, and the rest of the funds will come from internal accruals.

An official announcement is expected next week. 

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