Monday, September 14, 2015

#JKTyre buys Haridwar tyre unit of Kesoram Industries for Rs.2,195 cr

Kesoram Industries will sell its loss making tyre business at Haridwar to JK Tyre & Industries and JK Asia Pacific Singapore Pte Ltd. for Rs 2,195 crore.The sale of the loss-making tyres business will help the company bring down its debt, which stood at around Rs. 4,500 crore as of March 2014.JK Tyre is the market leader in truck and bus radials with over 30 per cent share.

It also has capacities for two and three-wheeler tyres, which also gives JK Tyre an immediate entry into this segment.