India's JK Industries to spin off tire operation

摘要

MUMBAI, India—JK Industries Ltd. intends to spin off its tire business. India's No. 3 and the world's 20th largest tire maker said the spinoff will provide the tire business with an opportunity for a more focused approach, and will maximize its value to stakeholders. The tire business has annual sales of about 500 million. JK disclosed its intention Feb. 8 in a memo to the BSE, the Indian stock exchange in Mumbai. The company noted it recently invested 35 million to expand its capacity to produce radial truck and passenger tires by 50 and 30 percent, respectively. It claims to have about 85 percent of India's domestic capacity for radial truck tires.