The National Company Law Tribunal, Kolkata Bench has approved the Resolution Plan submitted by Dalmia Bharat Refractories Limited and Himadri Speciality Chemicals Limited in respect of Birla Tyres Limited.
Birla Tyres, which was once part of the famed BK Birla empire before slipping into insolvency, will be a subsidiary of Calcutta-based Himadri, which claims to be the third largest producer of carbon black, a key ingredient in tyre making
The bankruptcy court has approved the proposal for Himadri Speciality Chemical and Dalmia Bharat Refractories to acquire Birla Tyres. The company has admitted liabilities of over INR 1,662 crore. The consortium plans to focus on niche spaces such as electric vehicle (EV) and specialty tyres. They also aim to achieve forward integration for their business and explore the use of clean and green power for Birla Tyres power requirements.
The bankruptcy court has approved the proposal for Himadri Speciality Chemical and Dalmia Bharat Refractories to acquire Birla Tyres. The company has admitted liabilities of over 1,662 crore. The consortium plans to focus on niche spaces such as electric vehicle (EV) and specialty tyres. They also aim to achieve forward integration for their business and explore the use of clean and green power for Birla Tyres power requirements.