International Finance Corp to buy 5.6% stake in JK Tyre for $30 million
JK Tyre & Industries Ltd on Wednesday said World Bank Group member IFC will invest USD 30 million (about Rs 240 crore) to pick a 5.6 per cent stake in the company to part-fund expansion of energy-efficient tyre manufacturing. The investment by IFC in JK Tyre & Industries will part-finance the expansion of manufacturing capacities and integrate advanced, resource-efficient technologies in the production of commercial and passenger car radial tyres, which have better safety and longevity, the company said in a regulatory filing. Subsequently, International Finance Corporation (IFC) will hold a 5.6 per cent stake in the tyre major through the issue of compulsorily convertible debentures (CCDs) on a preferential basis, it added. "The investment aims to bolster the company's capital structure and increase production of energy-efficient radial tyres by more than 10 per cent -- from 32 million to over 35 million tyres a year by 2025," JK Tyre & Industries said. This aligns with ..22-03-2023
