JK Tyre signs agreement to buy Haridwar unit of Kesoram’s Industries [ Current Affairs ]
About Kesoram Industries: Kesoram Industries Limited is one of the pioneer companies in India. It is under the leading ‘B K Birla Group Of Companies’. Its production is of varieties from tires to cement to rayon.
- According to ET500 (Economics Times 500 list), it’s all India ranking was 121 for the year 2010 with a net income of Rs. 5020.63 Crore and a net profit of Rs. 648.29 Crore.
- Kesoram Industries Limited started its business with Kesoram Cotton Mills Ltd. in 1919.
- After the partnership began, production of rayon arises.
- The first rayon plant was built in 1959 under the name Kesoram Rayon.
About the agreement of JK Tyre:
- JK Tyre has signed an agreement with Kesoram Industries to get its Haridwar unit.
- This agreement search to buy 100 % equality in Kesoram Industries tyre unit in Uttarakhand for sign value of 2, 200 crore rupees.
- It will add around 5 million to JK Tyre’s present production capacity of 30 million.
- Kesoram Industries on its part will use the majority of the gaining funds to cut its long - term obligation which is probable of 3, 800 crore rupees.
- Published on: September 15, 2015