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JK Tyre Set To Buy Unit Of Birla Tyres

Updated: August 24, 2015 6:10 am

India’s third-largest tyre maker JK Tyre & Industries is set to buy the Uttarakhand tyre unit of BK Birla flagship Kesoram Industries for an enterprise valuation of Rs 2,000-2,200 crore. A deal would take the company’s share of the Indian market to about a fifth from approximately 16 per cent now, bringing JK Tyre on par with No. 2 Apollo Tyres. A JK Tyre spokesperson said, “JK Tyre continues to focus on its planned expansions and projects and cannot comment on any hypothetical news. Company’s expansions are well under way, which on completion will help further strengthen its market position.”

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