Birla Tyres, a Kesoram Industries Ltd company, has received expressions of interest from at least five entities including the India Resurgent Fund, a distressed assets joint venture of Bain Capital and Piramal Group, a media report said.
The company also received interests from tyre maker Ceat, Jindal Power, Dalmia Bharat Refractories and Purnendu Chatterjee-promoted MCPI, The Economic Times reported, citing two people aware of the development.
Birla Tyres has been undergoing an insolvency resolution process since May last year when the National Company Law Tribunal admitted a petition by chemicals maker SRF.
Birla Tyres was founded in 1991 as a subsidiary of Kesoram Industries. Italian tyre manufacturer Pirelli later joined hands with Birla Tyres. The company was separated from its parent firm, Kesoram Industries, in 2019.
The tyre maker reported a net loss of Rs 41.87 crore for the nine months through December 2022, compared with a loss of Rs 210.7 crore a year earlier.
The company’s lenders include Axis Bank, State Bank of India, HDFC Bank and ICICI Bank. The lenders had filed claims worth about Rs 1,155 crore as of December 31, 2022, court filings show.
upGrad layoffs
Edtech unicorn UpGrad has laid off almost 120 employees at Impartus Innovations, a subsidiary that it had acquired in 2021, The Financial Express reported, citing sources it didn’t identify.
Impartus is a video-learning solutions provider that upGrad bought in 2021 for Rs 150 crore in a cash-and-stock deal, the report said.
UpGrad had, in December 2022, let go about 70 employees at another subsidiary Harappa Education. The layoffs come as the edtech sector cuts costs amid a slowdown in venture funding for startups.