JK Tyre has denied that it was in a transaction to acquire Birla Tyres from Kesoram Industries Ltd.
Shares of Kesoram Industries was up 9% today on news that it would be able to sell the tyre-making unit to JK Tyre, one of India’s biggest tyre brands.
“There is no transaction between JK Tyre & Industries Ltd. and Kesoram Industries Ltd,” JK Tyre said in a reply to BSE when the exchange wanted to know whether the media report was correct.
“”The discussion is at an advanced stage and the broad contours of the deal have been finalised. In all likelihood the deal may close soon, maybe in the coming week. JK Tyre has already tied up the funds for the proposed acquisition,” a media report said.
