Calcutta, Sept. 5: J. K. Industries has completed its operational recast by divesting its non-tyre businesses — sugar and agri-seeds — into two separate companies. The management of the group is now looking to tie up with partners to enhance the value of these focussed business entities.
The two businesses have been divested in J. K. Sugar and J. K. Agri-genetics. J. K. Industries, the group flagship, will be a focussed tyre company, into which Vikrant Tyres, a company acquired in 1997 is being merged.
Hari Shankar Singhania, chairman of J. K. Industries, said: “This is a forward looking strategic step for the company. The reorganisation opens up tremendous possibilities of strategic alliances.”
The shareholders of J. K. Industries have been issued shares of the two new companies in the same proportion as their holding in the group flagship.