JK Tyre’s Mexico Arm to Sell Cavendish Industries Shares for ₹1.3 Billion

JK Tyre & Industries Ltd. said on Wednesday that its Mexican subsidiary, JK Tornel, S.A. de C.V., will sell 4 million shares of Cavendish Industries Ltd. to SMMS Trust for ₹1.3 billion, according to an exchange filing.

JK Tyre bought JK Tornel in 2008. JK Tornel holds a stake in Cavendish Industries, a tyre manufacturer with units in Uttarakhand. JK Tyre had acquired Cavendish from Kesoram Industries in 2016.

The company said JK Tornel will complete the share sale by November 30. It added that SMMS Trust is a private trust and is not part of the promoter, promoter group or any group company.