The revival plan submitted by the two companies had received the approval of the committee of creditors of Birla Tyres, which belongs to the Basant Kumar Birla Group of companies, with a vote share of 82.48 per cent
Birla Tyres has been in the business of manufacturing tyres for 25 years. It earlier had a collaboration with Italian tyre manufacturer Pirelli. The company was demerged from the group s flagship firm Kesoram Industries in 2018.
NCLT approves resolution plan of Himadri and Dalmia Bharat to acquire B K Birla group thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
Birla Tyres Joint Offer Himadri: 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.
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.