JK Tyre & Industries today said it has got fair trade regulator CCI's approval for acquisition of Cavendish Industries.
The company had received an intimation letter dated February 19, 2016 from the Competition Commission of India that they in their meeting held on February 18, 2016 have approved application dated October 12, 2015 in relation proposed acquisition of Cavendish Industries Ltd, JK Tyre & Industries said in a regulatory filing.
Cavendish Industries Ltd, a subsidiary of Kesoram Industries, houses a tyre business undertaking located at Haridwar (Laksar) which manufactures a range of tyres, tubes and flaps.
For JK Tyre, the acquisition will provide further impetus towards ready expansion in the truck and bus radials segment as well as its entry into the fast growing two and three wheeler tyre market.
