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Birla Tyres produces tyres for motorcycles, three-wheelers, heavy earthmoving equipment, farm vehicles, and commercial vehicles.
Birla Tyres is a leading manufacturer of tyres in India. The company manufactures a wide variety of tyres for automobiles, motorbikes, scooters, buses, lorries, and agricultural equipment. Birla Tyres is renowned for its premium goods, creative designs, and top-notch customer support.
CEAT, the Bain-Piramal-backed India Resurgent Fund, the Naveen Jindal company Jindal Power, and Dalmia Bharat Refractories all submitted expressions of interest to Birla Tyres. After the chemicals manufacturer SRF filed a petition and the firm missed a payment of 15 crore rupees, the National Company Law Tribunal accepted the company under the corporate insolvency resolution process (CIRP) in May 2022.
The EoI applicants have been requested to submit their resolution plans by the end of this month by the resolution specialist Pratim Bayal, who is assisted by PwC. The RP admitted ₹1,128 crore claims from financial creditors.
Bommidala Enterprises, United Biotech, KR Pulp and Paper, Orissa Metaliks, Shyam Sel and Power, and a consortium led by DD Steel and Power are among the other applicants who want to grab the deal. Jindal Poly Films, Falcon Marine Exports, Himadri Speciality Chemicals, KLJ Specialities, Bommidala Enterprises, and United Biotech are also included.
Birla Tyres produces tyres for motorcycles, three-wheelers, heavy earthmoving equipment, farm vehicles, and commercial vehicles. As a separate tyre manufacturing business, it was separated from its parent firm, Kesoram Industries, in 2019.
The location of the plant is one of its main draws. It is located in an industrial region and offers a possible bidder 181 acres of freehold property for development, according to a person with knowledge of the debt settlement procedure.
There are several ports close to the plant, including Subarnarekha Port, Mahanadi Riverine Port, Paradip Port, and Biju Patnaik International Airport. This is a major reason for its popularity.
These all lenders are claiming big digit numbers like Axis Bank with highest claim of 555.6 crores along with state bank of india with 120 crore.
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