Seregno, Italy – Off-highway tire ((OHT) maker Balkrishna Industries Ltd (BKT) does not expect the arrival of rival of a new Indian manufacturer to significantly impact its competitive position in the marketplace or its business strategy.
Startup Indian Mahansaria Tyres Private Ltd (MTPL) announced on 27 Sept that it had started commercial production at its greenfield off-highway tire manufacturing facility in Panoli, in the western Indian state of Gujarat.
"Another player, yes, will disturb [the market] a little bit, but not very much our overall strategy and position on the off-highway tire business," said Lucia Salmaso, CEO of BKT Europe.
"This has always been a competitive market [with] new players coming in, players going out: it is up and down the situation and that never changes."
Mumbai, India-based BKT is closely sticking to its game-plan and “following our strategy towards our 2020-2025 targets,” the group's European CEO further emphasised.
These plans include a project - revealed by BKT executives in late 2018 - to build a $100-million factory in the US – the group’s first outside of India and fifth tire plant overall.
Asked about the progress of the US project, Salmaso said the Covid situation was still impacting all of BKT’s investment plans outside of India.
But, she added: “We are still investing in India because our plants are working. We keep updating our manufacturing facilities, our machinery and new capacity [in line with] our market objectives.”
Salmaso was speaking at a 29 Sept press conference to announce that BKT has become a ‘premium partner’ of EuroLeague Basketball, organiser of major basketball club competitions in Europe.
Under a three-year deal, BKT will promote its brand inside arenas for EuroLeague and EuroCup games as well as via related digital and social media, officials explained during the on-line conference.