Balkrishna Industries Signs JV Framework with Pirelli Tyre

Balkrishna Industries Limited (BIL) has entered into a Framework Agreement, an Offtake Agreement, and a Service Agreement with Pirelli Tyre S.p.A. The Framework Agreement outlines the terms for a future joint venture (JV) where BIL and Pirelli will each hold a 50% stake in a new Indian company to manufacture passenger car radial tyres under both Pirelli and BKT brands. The JV is expected to be incorporated by December 31, 2030, subject to conditions. The Offtake Agreement involves BIL manufacturing Pirelli-branded tyres at its Bhuj plant for sale to Pirelli. The Service Agreement allows Pirelli to provide technical support for BKT tyre testing. The Framework Agreement will expire upon the execution of the JV Agreement.