JK Tyre & Industries secures $ 30 million funding from IFC

JK Tyre & Industries has received an investment of $30 million (Rs 240 crore) from International Finance Corporation (IFC) to 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. IFC will hold 5.6 percent stake in the tyre major through issue of compulsorily convertible debentures (CCDs) on preferential basis.

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