Basant Kumar Birla Kesoram leader Industries is mulling a restructuring plan, which could also include the sale of its high-margin tire unit to reduce its high debt. This is part of the business restructuring plan. In a recent communication with the stock exchanges, the company said it is exploring options to reorganize and restructure its existing operations. The company announced the formation of a core committee of three directors, including two outside directors, to evaluate the business reorganization. Ganguli, Compliance Officer, Kesoram Industries Gautam, told The Economic Times: “The company has today constituted a committee to consider the restructuring and the board will take a decision based on the report submitted by the committee.” According to Bloomberg, Ganguli added: “The committee will consider measures ranging from capitalization of some business units to reducing debt levels.” Four years. Analysts say the decision to sell the assets of the tir...

NEW DELHI: India’s tire production declined in the first two quarters. Data from the Automotive Tire Manufacturers Association (ATMA) showed that production declined in all categories except passenger cars in the current fiscal. According to the latest data released by ATMA, the production of passenger car tires increased by 7% to 18.98 million in April-September this year compared to the same period last year. The second largest segment is medium and heavy commercial vehicles (MHCV) tire production was 8.387 million in the reporting period, down 2% from 8.548 million in the April-September period last year. Finance. Commenting on the trend, Raghupatita chairman Ragh Singhania said, “Production and sales of MHCVs have recovered in the current fiscal while domestic production of MHCV tires has declined.” Considering MHCVs, the segment accounts for 55% of the tire industry’s revenue and the low growth in the heavy commercial vehicle tire segment has hit the ind...