22-Oct-2026 10:49:41
BALKRISIND : SIGNS PIRELLI PACT FOR 50:50 PCR TYRE JV IN INDIA
• Framework Agreement with Pirelli Tyre S.p.A. (Italy) sets structure and timelines for a 50:50 JV company in India to manufacture passenger car radial tyres • JV to be incorporated by December 31, 2030, subject to conditions precedent; JV will set up and operate a new PCR plant in India • JV governance: four-member board with two directors each and rotating chairperson; capacity shared equally; 5-year share lock-in with ROFR and tag-along rights • Offtake Agreement: BKT to make Pirelli-branded PCR tyres at its Bhuj plant for sale to Pirelli/affiliates, with minimum annual offtake commitment; valid until December 31, 2031 unless JV becomes operational • Service Agreement: Pirelli to provide tyre testing and technical support using its proving grounds and simulation systems; fees payable by BKT in EUR • Pirelli group consolidated revenue at approximately EUR 6.78 billion for the year ended December 31, 2025
Balkrishna Industries Ltd-$
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