Dalmia Bharat Group dabbles in cement, refractory and power sectors (Dalmia Bharat Group) Bid for Kolkata-based Birla Tires and subsidiaries of sugar companies and asset buyer Pawan’s Pressure Ruia’s takeover, sources familiar with the matter told The Economic Times. Kesoram Industries insolvency proceedings are underway. The lender received two binding offers totaling 33,354. One from a consortium led by Stephenssss Financial Services in partnership with Melrose Creations and the other from Dalmia Bharat Refractories.

Melrose Creations is a part of Pawan Ruia The group was established three years ago to manufacture N95 masks for its flagship brand Dunlop, the company said in June 2020 year. “Both the applicants have offered installments with a net present value of less than Rs 1 crore, which is much lower than our expectations.” The source said, “We have asked the applicant to improve his proposal.” Dalmia Bharat, Pawan Ruia Group Pratim, Solutions Specialist at PwC India backed by Bayal ET did not respond to a request for comment.

Pawan Ruia was acquired from the central government in 2003 by Jessop Co and in 2005 from Manu Chhabria Jumbo The group acquired under-performing tire maker Dunlop India and later became popular as a buyer of distressed assets. Popular. Jessop partnered with Britain’s Braithwaite Bourne to build the Howrah Bridge across the Ganges in Kolkata.

2007 In 2000, Ruia succeeded in shifting Dunlop Tires from the Board of Industrial Finance and Reconstruction to the Board of Industrial Finance and Reconstruction (BIFR) under its jurisdiction, but labor-related issues and high operating costs prevented him from fully reviving the company. The Calcutta High Court ordered Dunlop to be liquidated in 2015, but failed to sell it.

RP has acknowledged Rs 11,281 crore claim from financial creditors and received 24 claims Expressions of Interest (EOIs). These include Ceat, Bain-Piramal backing India Resurgent Fund, Jindal Steel Power, Naveen Jindal Company, Bommidala Enterprises, Purnendu Chatterjee MCPI leader and Himadri Specialty Chemicals.

Birla Tires manufactures tires for commercial vehicles, agricultural vehicles, heavy earth machinery, motorcycles and three-wheelers. The company was incorporated in 2019 The company became an independent tire manufacturing company after splitting from its parent company Kesoram.

One of the main attractions of the plant is its location. It is located in an industrial area with 1,811 acres of freehold land available for development. Secondly, it is in close proximity to three ports and an airport-Subarnarekha Port, Mahanadi Riverine Port, Paradip Port and Biju Patnaik International Airport.

Among the lenders, Axis Bank has the highest loan amount of 55.56 followed by Asset India Reconstruction Company at Rs. 1,960 crore 12 crore and State Bank of India at Rs. 1,200 crore crore.