06 Jan 2024
Kesoram Industries' appeal against the National Company Law Appellate Tribunal's Kolkata ruling rejected its claim of being a financial creditor of Birla Tyres Ltd. The tribunal ruled that Kesoram failed to prove the transaction was a deposit or loan, and therefore, the adjudicating authority did not commit any error in rejecting the appellant's application.
07 Nov 2023
The chairman and MD of Himadri Chemicals, Anurag Choudhary pointed out that in the next year, its passenger radial will hit the market along with other products. Choudhury also indicated that rather than going for original equipment tie-ups with automobile manufacturers it would now concentrate on the high-margin replacement market.
23 Oct 2023
The bankruptcy court has approved the proposal for Himadri Speciality Chemical and Dalmia Bharat Refractories to acquire Birla Tyres. The company has admitted liabilities of over INR 1,662 crore. The consortium plans to focus on niche spaces such as electric vehicle (EV) and specialty tyres. They also aim to achieve forward integration for their business and explore the use of clean and green power for Birla Tyres' power requirements.
19 Oct 2023
Himadri Speciality Chemical Ltd on Thursday said the National Company Law Tribunal has "verbally" approved the joint resolution plan submitted by the company and Dalmia Bharat Refractories Ltd to acquire Birla Tyres under the insolvency process.
28 Sep 2023
The Supreme Court of India has asked the Competition Commission of India (CCI) for a response regarding an appeal filed by MRF Ltd, one of the companies fined in a case related to alleged cartelisation and price manipulation in the tyre industry. The case, which began over a decade ago, saw the CCI impose penalties on several tyre companies in 2018. However, the National Company Law Appellate Tribunal overturned the order in December 2022 and directed the CCI to pass a fresh order, citing errors in calculation and the need to save the domestic tyre industry.
26 Sep 2023
The CCI had, in August 2018, imposed penalties totalling more than INR 1,788 crore on the tyre companies and also asked them to cease and desist from indulging in unfair business practices.
29 Aug 2023
Dalmia Bharat group is set to acquire Birla Tyres after creditors approved their resolution plan. The plan proposes partial repayment of INR 1,100 crore of bank loans of the BK Birla group company. The resolution offer made by Dalmia Bharat Refractories was cleared by over 75% of creditors of Birla Tyres.
20 Aug 2023
A person familiar with the new plan told ET that group companies of Dalmia Bharat have offered to repay about ₹300 crore of the outstanding loans of Birla Tyres. This is said to be three times their original offer to creditors. Birla Tyres competes in the commercial vehicle and two-wheeler tyres segments.
02 May 2023
Lenders received two binding offers - one from a consortium led by Stephens Financial Services in partnership with Melrose Creations, and the other from Dalmia Bharat Refractories.
06 Mar 2023
The National Company Law Tribunal admitted the company under the corporate insolvency resolution process (CIRP) in May 2022 on a petition by chemicals maker SRF after it defaulted on dues of INR 15 crore.
19 May 2022
After the sale of shares, the bank's holding now stands at 1,06,91,192 equivalent to nearly 7.50 per cent stake in Birla Tyres, as per data provided by the bank, PTI reported.
13 May 2022
The application, filed by SRF Limited under section 9 of the Insolvency and Bankruptcy Code for initiating Corporate Insolvency Resolution Process (CIRP) against Birla Tyres Limited, was admitted at the NCLT Kolkata on May 5.
09 May 2022
SRF had claimed a default in payment of Rs 15.84 crore, which includes a principal of Rs 10.06 crore and interest of 5.78 crore, for the supply of Tyre Cord Fabric as of July 8, 2021.
04 Feb 2022
Birla Tyres now has two segments: tyres for the commercial vehicles and passenger car radial business, which is not operational yet.
29 Jan 2022
Manjushree Khaitan-led BK Birla group firm Birla Tyres (BTL) will demerge its passenger car radial business into a separate company — Birla Tyre Radials. Birla Tyres was demerged from group flagship Kesoram Industries in 2018 as part of debt restructuring process.
30 Mar 2021
ATMA, the apex body of tyre manufacturers in India, includes Apollo Tyres, Birla Tyres, Bridgestone India, Ceat, Continental India, Goodyear India, JK Tyre & Industries, Michelin, MRF, TVS Tyres and Yokohama.
30 Sep 2020
Addressing shareholders at the company’s virtual annual general meeting on Tuesday, Birla Tyres chairperson Manjushree Khaitan, said, the company would focus on leveraging its past legacy to pitchfork the brand across tyre segments, including off-road and other specialty categories.
28 Aug 2020
The company's board has approved a fund raising plan of an amount aggregating up to Rs 1,100 crore, Birla Tyres said in a regulatory filing.
13 Nov 2019
The B K Birla group company decided to demerge its tyre vertical into a separate entity - Birla Tyres Ltd - to create and unlock value for both the businesses. Outstanding debt of Rs 3,000 crore will also be split between the two entities. While Kesoram Industries will retain Rs 2,000 cr of debt, the new tyre entity would be servicing Rs 1,000 cr of debt.
08 Nov 2019
B K Birla group flagship Kesoram is looking at creating a subsidiary of Birla Tyres after its demerger as separate entity. It will be for passenger car radial. The strategic partner is likely to be inducted in to this subsidiary with 50% stake. Kesoram CEO P Radhakrishnan told TOI that there is considerable interest for the passenger car radial unit which is under construction in Balasore.