ERJ staff report (TP)
New Delhi − In line with its aggressive expansion plans for India, JK Tyre & Industries Ltd. has launched a total of 10 new products covering different product segments − passenger cars, truck and light commercial vehicles, reported Business Standard.
The tires launched include an ultra-high performance car tire range ‘UX1’. These tires are designed for high end luxury cars such as Audi, BMW and Mercedes. The firm has also launched a new range for the hatchback car segment called ‘Ultima NEO’ – to help on fuel savings.
In the commercial segment JK Tyre aims to enhance the customer value proposition by offering next generation products which will help in reducing operating costs of truck and bus operators. With these launches the company plans to increase its turnover by Rs 300 crore (€35.5m).
A K Bajoria, President & Director, said: “The automotive market in India continues to offer promising opportunity for growth to all and with the launch of this new range, we are hopeful of increasing our market share in the high-performance tire segment significantly. The new range also comes as an aggressive move towards our expansion plans for India which has an earmarked capex [capital expenditure] of Rs 1,430 crore (€169.9m) to increase our truck and bus radial capacity by an additional eight lac [800,000] tires per annum and car radial capacity by another 20 lac [2m] tires per year at the Chennai [plant].”
In addition to focusing on India, JK Tyre is also considering organic and inorganic growth in the emerging markets of Southeast Asia. The company currently has nine plants across India and Mexico with an annual capacity of around 20m tires.
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Full story from Business Standard