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    BK BIRLA

    NCLAT dismisses Kesoram's appeal in Birla Tyres insolvency case

    Kesoram Industries' appeal against the National Company Law Appellate Tribunal's Kolkata ruling rejected its claim of being a financial creditor of Birla Tyres Ltd. The tribunal ruled that Kesoram failed to prove the transaction was a deposit or loan, and therefore, the adjudicating authority did not commit any error in rejecting the appellant's application.

    UltraTech to buy Kesoram's cement unit

    "The transaction will provide UltraTech with the opportunity to extend its footprint in the highly fragmented, competitive and fast-growing western and southern markets in the country," UltraTech said in a press statement. The company will also get better access to markets in south India, especially Telangana, where it currently does not have any cement manufacturing capacity.

    Birla Tyres shares to delist from exchanges after NCLT nod to resolution plan

    Birla Tyres has been in the business of manufacturing tyres for 25 years. It earlier had a collaboration with Italian tyre manufacturer Pirelli. The company was demerged from the group's flagship firm Kesoram Industries in 2018.

    Dalmia Bharat draws closer to taking over Birla Tyres

    Dalmia Bharat group is set to acquire Birla Tyres after creditors approved their resolution plan. The plan proposes partial repayment of ₹1,100 crore of bank loans of the BK Birla group company. The resolution offer made by Dalmia Bharat Refractories was cleared by over 75% of creditors of Birla Tyres.

    Here's what you need to know about BK Birla Scholars Programme

    The Aditya Birla Group offers scholarships for 10 students annually to pursue higher education at London Business School, covering tuition and hostel fees. Five recipients are from India, and the remaining five are from other parts of the world. Applicants should be Indian citizens with a good academic record and come from socially and economically disadvantaged backgrounds with at least two years of work experience.

    Kesoram seeks to refinance Rs 1,800 cr of high-cost debt

    Kolkata-based Kesoram has been grappling with high leverage and defaulted on interest payments in January 2020. In an effort to unlock value, the company demerged its tyre business in FY20. However, the economic slowdown caused by the Covid-19 pandemic further stressed the company.

    The Economic Times
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