- The company announces the completion of its first phase of capacity expansion of its radial tyre manufacturing facility with an investment of Rs. 312 crore
- This expansion will result in a 31% increase in the plant’s annual output capacity, from 39 lakh to 51 lakh units
- The second phase of expansion is expected to be completed by April 2024 with an additional investment of Rs. 617 crores, further increasing the production capacity by 31%
Indian tyremaker, JK Tyre & Industries Ltd., has announced the completion of the first phase of capacity expansion of their manufacturing facility located in Banmore, Madhya Pradesh. This was inaugurated by Chief Minister of Madhya Pradesh, Shivraj Singh Chouhan, in the presence of Narendra Singh Tomar, Union Minister of Agriculture and Farmers’ Welfare, and Jyotiraditya Scindia, Union Minister of Civil Aviation and Steel.
With an investment of about Rs 1000 crore, the company has planned a two-phased expansion at its existing Banmore facility to cater to the increasing demand for passenger car radial (PCR) tyres. The phase one expansion, involved an investment of Rs 312 crore. The expansion will increase the annual production capacity of the plant by 31 per cent, from 39 lakh to 51 lakh units per annum.
JK Tyre is now in the second phase of expansion, with an additional investment of Rs 617 crore that will increase the capacity by an additional 31 per cent by April 2024.
Speaking on the occasion, Dr Raghupati Singhania, Chairman and Managing Director of JK Tyre & Industries Ltd., said, “The expansion of this manufacturing facility reflects our unwavering dedication to innovation, sustainability, and our substantial contribution to the growth story of Madhya Pradesh. As India enters ‘Amrit Kaal,’ the 25-year journey towards the country’s centenary as a modern, developed democracy, we at JK Tyre believe this development to be a strategic move. This is vital as the Indian economy engages with the global economy to foster regional prosperity. Our production and manufacturing capabilities are constantly evolving along with our product to meet the demands of our customers, both domestically and internationally.”
“We extend our heartfelt appreciation to the Government of Madhya Pradesh and the local administration for their unwavering support. We remain steadfast in our mission to be a trusted mobility partner for the entire nation,” he further added.
the company also said that the current 211-acre facility has emerged as a significant landmark, spearheading industrialization in the region and creating direct and indirect employment opportunities for nearly 15,000 individuals in the state. This expansion is said to generate additional employment for over 7,000 people in the region, resulting in increased regional economic growth.
The company is highly committed to its strong sustainability goals, making it a green manufacturer. It has adopted a “Cradle-to-grave” strategy to handle environmental challenges to “Be a Green & Trusted Mobility Partner.” To decrease its environmental impact, the company gives sustainability a top priority in its R&D efforts. JK Tyre has set a goal to reduce carbon emissions by 50 per cent by 2030.
