JK Tyre & Industries Ltd. (JK Tyre) and JK Asia Pacific (S) Pte Limited, a wholly owned subsidiary of JK Tyre, have completed the acquisition of Cavendish Industries Ltd. (CIL), which houses three tyre business undertakings of Birla Tyres. The plants are located at Laksar (Haridwar) and are capable of manufacturing tyres, tubes and flaps. JK Tyre would now have 12 plants. Of these nine would be in India and the rest at Mexico. The acquisition was carried out at an enterprise value of Rs.2,200 crores. CIL will be a subsidiary of JK Tyre with majority shareholdings through direct holdings and the balance through its subsidiaries and JK Group companies. Funded by a combination of internal accruals and debt, the acquisition is in line with the strategic vision of JK Tyre to become one of the top tyre companies of the world. The CIL acquisition will hike JK Tyre’s Truck & Bus Radial (TBA) capacity. It will also pave way for JK Tyre to enter the fast growing two- and three-wheeler market.