Apollo, Ceat and JK are ready to buy the ruined tire company Falcon Tires

Indian companies Apollo, Ceat and JK topped the list of candidates for the purchase of the ruined company Falcon Tires, which supplies the country's tire brand Dunlop to the country's market.

The company, formerly part of the Ruia Group, has a debt of approximately 231 million euros; The main creditor is the state bank of India. Most of the debt of Falcon Tires was acquired by Edelweiss Asset Reconstruction Company (ARC), which specializes in acquiring loss-making assets from banks and financial institutions.

According to a local edition of The Economic Times, last week Edelweiss ARC filed an application with the National Judicial Tribunal for Corporate Affairs of India (NCLT) under the new Bankruptcy Code.

Under the new rules, the company's insolvency proceedings must be completed within 180 days, and the management of Edelweiss ARC announced its full "confidence in closing the deal" on time. Discuss the process of buying out the company by various market players is still early, as the process has just begun, notes Edelweiss ARC management. All interested in buying Falcon Tires expressed about six companies.