JK Tyre finishes 1st phase of capacity expansion of Madhya Pradesh facility

JK Tire & Industries on Thursday said that it has completed the first phase of capacity expansion of its passenger car radial tire manufacturing facility in Panmure, Madhya Pradesh with an investment of Rs.312 crore.

The expansion will lead to a 31 per cent increase in the annual production capacity of the plant, from 39 lakh units to 51 lakh units.

The second phase of the expansion is expected to be completed by April 2024 with an additional investment of Rs. 617 crore, which will boost the plant’s production capacity by 31 percent.

“The expansion of this manufacturing facility reflects our unwavering dedication to innovation and sustainability and our significant contribution to the growth story of Madhya Pradesh,” said JK Tire & Industries Chairman and Managing Director Raghupati Singhania in a statement.

He added that the company’s capabilities in production and manufacturing are constantly evolving along with the range of products in order to meet the requirements of customers both locally and internationally.

JK Tire said the facility has created direct and indirect employment for nearly 15,000 individuals in the state.

She explained that the factory expansion will provide additional job opportunities for more than 7,000 people in the region, which will lead to an increase in regional economic growth.

(Only the title and image for this report may have been reworked by the Business Standard staff; the rest of the content is generated automatically from a shared feed.)

First published: June 29, 2023 | 9:43 p.m ist