JK Tyre Expands Production Capacity at Madhya Pradesh Facility, Boosting Economic Growth and Employment Opportunities

JK Tyre & Industries has successfully completed the first phase of capacity expansion at its passenger car radial tyre manufacturing facility located in Banmore, Madhya Pradesh. With an investment of Rs 312 crore, the company has increased the plant’s annual output capacity by 31 percent, from 3.9 million units to 5.1 million units.

J K Tyres

The expansion project, aimed at meeting the growing demands of customers both domestically and internationally, reflects JK Tyre’s commitment to innovation and sustainability. Raghupati Singhania, Chairman & Managing Director of JK Tyre & Industries, expressed his satisfaction with the completion of the first phase, highlighting the company’s dedication to the growth story of Madhya Pradesh.

The second phase of expansion, which is expected to be finalized by April 2024 with an additional investment of Rs 617 crore, will further enhance the production capacity of the facility by 31 percent. This ambitious project will not only benefit the company but also contribute to the region’s economic growth and employment opportunities.

The expansion of the manufacturing facility has already generated direct and indirect employment for nearly 15,000 individuals in Madhya Pradesh. The subsequent phase will create additional employment for over 7,000 people, thereby stimulating regional economic development.

As a flagship company of the JK group, JK Tyre & Industries is one of India’s leading tyre manufacturers and ranks among the top 25 manufacturers globally. The company offers a wide range of products catering to various business segments, including Truck/Bus, LCV, Passenger Cars, MUV, and Tractors.

With 12 state-of-the-art manufacturing facilities, including nine plants in India and three in Mexico, JK Tyre boasts an annual production capacity of 32 million tyres. The company’s truck/bus radial manufacturing segment holds an estimated market share of approximately 28% in FY22, and it continues to gain market share in the T&B and PCR segments.

The successful completion of the first phase of the capacity expansion project showcases JK Tyre’s commitment to staying at the forefront of the industry and meeting the evolving needs of its customers.

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Author: Sanjib SahaSanjib is a finance based writer who has a deep knowledge in stock market, cryptocurrency and mutual funds. He is also a co-founder of Financesrule.com

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