Changes Coming for Tyre Corporation of India

The long embattled Tyre Corporation of India will soon gain a new owner and company structure. These changes are taking place as a result of the Indian government’s October 25 approval of a proposal for the company’s disinvestment.

The proposal calls for the “sick” public-sector enterprise to be operated as a joint venture, with a private company acting as partner. For such an arrangement to take place India’s government needs to introduce an amendment to the Tyre Corporation of India Ltd (Disinvestment of Ownership) Bill 2007. India’s Information and Broadcasting minister P. R. Dasmusi has informed media that the government has granted approval to these amendments, and the bill is now pending before parliament.

India’s government announced in July that it was seeking a joint venture partner for the Tyre Corporation of India. It is not known which company will participate in any such joint venture or when it would take place.