JK Tyre and Industries, today announced the acquisition of Mexican tyre company Tornel for Rs 270 cr. The acquisition would be for 100% shareholding in the company and is being made through a special purpose vehicle (SPV).
The buyout is expected to close by the end of May this year, subject to applicable regulatory approvals.
Tornel has three operating tyre plants with aggregate capacity of 6.6 mn tyres per annum. Situated in Azcapotzalco, Tultitlan and Hidalgo, the three plants of Tornel employ 2,000 people.
The company is present in the entire range of bias and radial tyres – from truck, LCV, farm and industrial tyres in bias category and truck, LCV and high speed passenger car tyres in radial category.
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