The acquisition, which was made through a mix of debt and equity, was done in April this year but was subject to regulatory approvals.
A statement from the company read, "All formalities and compliances with regard to the acquisition has been made and closing of the transaction has taken place on June 13 in Mexico. Tornel has now become a subsidiary of JK Tyre & Industries".
The acquisition will help JK Tyre gain access to the world's largest auto market, the US in addition to some distant market of central and south America. Mexico offers Tornel the access to the North American Free Trade Agreement (NAFTA) trade block.
Tornel has a presence in the entire range of bias and radial tyres, with a portfolio ranging from truck, light commercial vehicle, farm and industrial tyres and passenger cars.
Post acquisition collective capacity of JK Tyre will rise to 940 tonnes per day with Tornel's contribution being 290 tonnes per day through three plants. This makes JK Tyre, India's largest four wheeler tyre company.