Home / Companies / People /  Kesoram Industries values tyre factory at Haridwar at Rs2,800 crore

Kolkata: Kesoram Industries Ltd has valued its tyre factory at Haridwar, which it transferred to a subsidiary and is looking to sell, at 2,800 crore.

In a notice to shareholders last month, Kesoram had said that its subsidiary—Cavendish Industries Ltd—would pay for the unit in shares worth up to 3,573 crore.

Following shareholders’ approval last week, the transfer was concluded, Kesoram said on Wednesday.

The Uttarakhand unit has an installed capacity of producing 600 tonnes of tyres a day.

The company has been looking to sell its tyre factory in Uttarakhand, which enjoys some tax benefits, to pare its debt.

At the end of 2013-14, Kesoram’s total liabilities—including long term and short term borrowings—stood at 5,761 crore.

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