FINWIRES · TerminalLIVE
FINWIRES

JK Tyre & Industries to Acquire 26% Stake in Roofsol Renewables Five

-- JK Tyre & Industries (NSE:JKTYRE, BOM:530007) said its board has approved an investment of up to 13.1 million Indian rupees to acquire a 26% stake in Roofsol Renewables Five, according to a Wednesday filing on Indian bourses.

Shares of the company fell over 1% in Thursday's trade.

The investment is aimed at meeting regulatory requirements for captive power consumption under electricity laws, the company said in the filing. JK Tyre & Industries said it will maintain the stake during the term of relevant agreements.

The transaction is expected to be completed within 180 days, it added.

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