Birla Tyres set to roll again, acquisition finalised by consortium of Himadri and Dalmia

Birla Tyres set to roll again, acquisition finalized by a consortium of Himadri and Dalmia.

Expert Analysis:

• The consortium of Himadri and Dalmia took possession of the Birla Tyres plant and machinery at Balasore, Odisha.

• The consortium partners paid Rs 306 crore to the creditors and acquired control of Birla Tyres within 15 days of the pronouncement of the order.

• Birla Tyres will become a subsidiary of Calcutta-based Himadri, the third-largest producer of carbon black, a key ingredient in tyre making.

• The objection to using the “Birla” name by the successful resolution applicants was rejected by the NCLT.