ERJ staff report (TP)
Jamshedpur, India – JK Tyres will double capacity at its greenfield plant in Chennai by the end of this year, reported The Times of India.
Expansion work at the Chennai plant will cost Rs 1,500 crore (€187m), said P Pawan Darshan, General Manager (Sales), North and East India.
"We are producing 16,000 radial tires per day [for] cars and trucks and the figure would be 32,000 per day following the commissioning of the expansion project, which [is] expected [to be completed] by November-December," Darshan said.
The expansion will cater for the growing tire demand for domestic, original equipment manufacturers (OEMs) as well as export, he said – adding that the company intends to export 10 to 15 percent of its products.
Darshan said capacity across its nine plants exceeded 20 million tires per annum and he “expressed confidence that the heavy commercial vehicle sector, which had recorded [a] 35 to 40 percent drop in production due to [a] downturn in the market, will start looking up from October-November onwards”.
JK Tyres, which has a market share of 21 percent in the country, has recorded an overall turnover of Rs 10,000 crore (€1.25bn) in fiscal 2013-14 and the firm is aiming for Rs 12,000 crore (€1.5bn) in the current financial year.
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Full story from The Times of India