BackKesoram Industries advised to reorganise tyre business
A committee was appointed to explore options for reorganising and realigning Kesoram's existing businesses
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Kolkata: Kesoram Industries Ltd on Monday announced in a regulatory filing that it has been advised by a committee to reorganise its tyre business through transfer of the tyre manufacturing plant in Haridwar, Uttarakhand, into a separate subsidiary.
A three-member committee of directors was appointed last June to explore options for reorganising and realigning the company’s existing businesses—tyre, cement and rayon. The committee was of the view that Kesoram should continue in all its existing businesses, the filing said referring to a letter written to stock exchanges on Saturday.
The committee also looked into the scope of monetising some of its assets to reduce debt, Kesoram said. “The broad contours of such monetisation will now be framed and implemented," it added.
Kesoram’s shares declined 2.67% to ₹ 134.90 in the BSE on Monday even as the benchmark Sensex index declined 1.17% to 28,380.83 points.
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