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Board of Kesoram Industries decides to demerge its tyre business

Capital Market 

At held on 04 December 2018

The Board of at its held on 04 December 2018 has decided to spin off its Tyre Business ("Birla Tyres" ) by demerging this undertaking into a resulting Company, Birla Tyres ("BTL"). Upon grant of the requisite approvals, BTL will also become a listed company with its shareholding pattern mirroring Kesoram.

The Appointed Date for such Demerger will be commencement of business 1 January 2019.

The demerger proposed is part of an ongoing exercise undertaken by Kesoram over the past few months in further realigning and recalibrating operations.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 04 2018. 17:53 IST