JK Tyres acquire Cavendish Industries
JK Tyre will fund the deal with a mix of debts and internal accruals
JK Tyre and Industries Ltd. have announced complete acquisition of Cavendish Industries Ltd. (CIL). In an official release, JK Tyre has stated that the acquisition was done at an enterprise value of Rs 2,200 crore. In September 2015, JK Tyres had announced the signing of an agreement with Kesoram Industries Ltd. to acquire 100 per cent equity in CIL.
CIL houses three tyre business undertakings of Birla Tyres. The plants are located at Laksar in Haridwar and manufacture a wide range of tyres, tubes and flaps. JK Tyre has announced that it...
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