MUMBAI (Reuters) - JK Tyre & Industries Ltd has agreed to buy Kesoram Industries Ltd's tyre manufacturing unit in northern India for 22 billion rupees ($332.17 million), according to an exchange filing.
JK Tyre said the acquisition of Cavendish Industries Ltd based in Haridwar would allow it to expand its truck and bus radial tyre production, as well as start producing tyres of motorcycles and tricycles.
The deal will be funded by a mix of debt and internal resources and is expected to close over the next few months, JK Tyre said in the filing.
Kesoram is part of the BK Birla Group, while JK Tyre is part of the JK Group.
($1 = 66.2310 rupees)
(Reporting by Karen Rebelo; Editing by Miral Fahmy)