JK Tyre acquires Mexican firm Tornel

New Delhi, June 23 (UNI) JK Tyre and Industries Ltd today said it has bought the Mexican firm Tornel along with its subsidiaries for Rs 270 crore.

The acquisition, which has been made through the special purpose vehicle (SPV) route, was financed through a combination of equity and debt. The transaction closed on June 13, a company statement said.

After the acquisition, the collective capacity of JK Tyre has risen to 940 tonnes daily, with Tornel's production capacity of 290 tonnes per day and the rest by JK Tyre through its four plants in the country.

UNI PDT SG AS1847