JK Tyres acquires Mexican firm Tornel
This acquisition extends our global reach and is also a strategic fit for JK Tyres, says JK Tyre Chairman Hari Shankar Singhania.Updated: Apr 11, 2008 17:48 IST
JK Tyre and Industries on Friday said it has acquired Mexican tyre company Tornel for Rs 270 crore.
The acquisition, which would be for 100 per cent shareholding in the company, is being done through special purpose vehicle route and the buyout is expected to close by May-end this year.
"This acquisition extends our global reach and is also a strategic fit for JK Tyres as we are already the largest exporter to the North and the South American markets," JK Tyre and Industries Chairman Hari Shankar Singhania told reporters here.
Tornel has three operating tyre plants with a capacity of 6.6 million tyres and manufactures entire range of bias and radial tyres, including tyres for commercial vehicles and high speed passenger cars.