JK Tyre Subsidiary Sells Stake in Cavendish

JK Tyre’s subsidiary JK Tornel has agreed to sell 40 lakh shares of Cavendish Industries to SMMS Trust for ₹130.64 crore. 

The deets: the transaction involves JK Tornel trimming part of its stake in Cavendish, a company that contributes to JK Tyre’s consolidated revenue and net worth. However, even after the divestment, Cavendish will continue to remain a subsidiary of JK Tyre. 

Worth noting: the divestment comes on the back of a strong Q2 for JK Tyre. The company posted a 64% jump in net profit to ₹221 crore, with revenue rising to ₹4,011 crore, supported by better volumes, lower raw material costs, and stronger operational performance.