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JK Tyre Chennai Plant Gets INR 1500 Crore Investment
JK tyres has decided that it will be increasing the capacity of their plant by this year end. Their current facility is at Greenfield in Chennai. Their plan is to double their current production of tyres and they will be investing INR 1,500 crore.
The current facility has already utilised INR 1,000 crore, which accounts for the building expenditure. They can now manufacture over 4,00,000 bus and truck tyres. They will also produce approximately 30,00,000 radial tyres for passenger vehicles.
P Pawan Darshan, General Manager (Sales), North and East India of JK tyres told source,"We are producing 16,000 radial tyres per day of car and trucks and the figure would be 32,000 per day following the commissioning of the expansion project, which was expected by November-December."
The increase in production is expected to cope with the demands of OEMs (Original Equipment Manufacturer), domestic and export market requirements. JK tyres is aiming to export roughly 10 to 15 percent of the total tyres manufactured. They also expect significant growth in commercial vehicle tyre segment.
JK tyres currently has a share of 21 percent in the Indian market. The Indian company reported an annual turnover of INR 10,000 crore for fiscal year 2013-2014. Their goal is to reach the INR 12,000 crore mark in the next fiscal.
The Indian based company is the leading manufacturer of tyres domestically. They rank 19th overall in the world - JK tyres are sold in 90 countries. They have in total nine manufacturing plants that are divided between India and Mexico. Every year they roll out over 20 million tyres.
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