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Birla Tyres has been in the business of manufacturing tyres for 25 years. It earlier had a collaboration with Italian tyre manufacturer Pirelli. The company was demerged from the group s flagship firm Kesoram Industries in 2018. ....
Ind-Swift was admitted for corporate insolvency on September 12 on a petition by trader creditor Allcare Containers claiming overdues of ₹3.12 crore, according to an order passed by the Chandigarh National Company Law Tribunal (NCLT). Last week, the NCLAT stayed the insolvency process till October 30 after the company said that it had settled the principal dues of Allcare but needed time to negotiate the terms of interest payment. ....
India Resurgence Fund (IndiaRF), the distressed and special situations investment platform set up by Piramal Group and US-based private equity major Bain Capital, on Tuesday .. ....
Dalmia Bharat group is set to acquire Birla Tyres after creditors approved their resolution plan. The plan proposes partial repayment of ₹1,100 crore of bank loans of the BK Birla group company. The resolution offer made by Dalmia Bharat Refractories was cleared by over 75% of creditors of Birla Tyres. ....
A person familiar with the new plan told ET that group companies of Dalmia Bharat have offered to repay about ₹300 crore of the outstanding loans of Birla Tyres. This is said to be three times their original offer to creditors. Birla Tyres competes in the commercial vehicle and two-wheeler tyres segments. ....