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Birla Tyres to become Himadri's subsidiary after ₹347 crore deal
Mint Mumbai
|October 23, 2023
Co says it will make the bulk of payment in the joint resolution plan with Dalmia Bharat Refractories
Carbon-products maker Himadri Specialty Chemical Ltd (HSCL) will be the majority partner in the running of Birla Tyres and will make the bulk of the proposed payment to fulfil the resolution plan, a top executive said, after the company's joint resolution plan with Dalmia Bharat Refractories Ltd was approved by the National Company Law Tribunal last week.
Himadri and Dalmia had submitted a resolution plan to acquire Birla Tyres for ₹347 crore. Once executed, Birla Tyres will be a subsidiary of Himadri Specialty Chemicals.
"Himadri will be the majority player in the entire scheme of things, even financially. A substantial majority portion of the resolution amount will be paid by us," managing director and chief executive officer of the company Anurag Choudhary said, declining to specify the split.
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