Kesoram Industries, a BK Birla Group company, will restructure its business in order to sell its tire business to Kumar Mangalam Birla, the head of commodditires conglomerate Aditya Birla Group, reports India Economic Times.
Reports also say that Kesoram Industries’ tire business, Birla Tyre, could be valued higher than the parent company’s current market capitalization (Rs 1,500 cr).
The sale of its tire business will help Kesoram Industries in reducing its debt burden, reported India Economic Times.