JK Tyres acquires Tornel for Rs 270 cr

New Delhi, Apr 11: JK Tyres today said it has acquired Mexican Tyre company Tornel for Rs 270 crore.

The acquistion would be for the 100 per cent shareholding in the company through their special purpose vehicle (SPV) route. The transaction is expected to close by May, 2008. Tornel has three operating tyre plants with capacity of 6.6 million tyres per annum situated in Azcapotzalco, Tultilan and Hidalgo. Three plants have head count of 2000 employees.

UNI