WEST BENGAL, India (July 8, 2015) — Kesoram Industries Ltd. is rebutting a published report in India that it is trying to sell its Birla Tyres subsidiary, calling any such reporting “speculative and misleading.”
Kesoram rebuts Birla Tyres sale report
The Economic Times of India had reported July 6 that India's JK Tyre Industries Ltd. was the “frontrunner” to buy Birla Tyres from Kesoram.
In a statement published on the Indian stock exchange BSE Ltd.'s website, Kesoram states it “has no intentions of selling/disposing of Birla Tyres, its tyre business.
“We wish, therefore, to reiterate that we are not in negotiations with JK Tyres to sell/dispose of Birla Tyres, our tyre business….”
Kesoram's statement continued that, “in this connection, we wish to clearly and categorically state that the company will continue to be in the tyre business. Any reports to the contrary appearing in the media are speculative and misleading.”
Kolkata, India-based Birla Tyres produces bias-ply truck/bus, light truck, car, two-/three-wheeler, farm and OTR tires and radial car tires for both domestic and export markets at its plant in Balassore.
It was ranked 45th on Tire Business' 2014 global ranking of tire makers, with 2013 sales of $568 million.
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