Indian Merger Moves Closer

The proposed merger between JK Industries, India’s third-biggest tyre manufacturer, and Vikrant Tyres, initiated in 1997 when JK bought the majority of Vikrant shares, has moved a step closer with the announcement that Vikrant stockholders would receive two JK shares for every five outstanding Vikrant shares held. No timescale or deadline was discussed. The merged business would have around 25 per cent of the Indian commercial vehicle tyre market, says JK Industries.