ERJ staff report (BC)
New Delhi – JK Tyre & Industries is planning to kickstart a $162m (€120m) expansion at its Chennai, India, plant in the next 2-3 months, reported the Business Standard.
The proposed investment is to double capacity at the plant, Vikram Malhotra, vice president for sales and marketing, told Business Standard. The expansion will take the company's annual output of 2.5m radial passenger car tires to 4.5m, and increase the current 400 000 truck and bus radials to 1.2m per annum.
The project would be completed by 2016-17 in two phases, Malhotra said, adding: "Besides catering to [domestic] demand, the plant will cater to export markets and will be one of the major hubs for exports,” adding that JK's Mysore and Chennai plants were catering to around 80 countries and that the company was “betting big” on the replacement and export markets during sluggishness in the original equipment market.
He expected the company’s results this fiscal year to be better than in the last.
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Full story from Business Standard