JK Tyre acquires Kesoram subsidiary, tyre factory

14th September 2015 | 0 Comments
 

The acquisition of tyre, tube and flap manufacturer Cavendish Industries Ltd. has been approved by the Board of Directors at JK Tyre & Industries. The Indian tyre maker is acquiring 100 per cent equity in Cavendish from Kesoram Industries Ltd. for just under Rs 22 billion (£214.6 million). According to JK Tyre, it and other JK Group companies will fund the acquisition by a combination of debt and internal accruals, and JK Tyre’s financial exposure is expected to be some Rs 4.5 billion (£43.9 million). The deal is expected to close in December 2015.

The rest of this article is for subscribers only:
Log inSubscribe

Tags: , , , , , ,

Category: Company News, International News

[ + ]