JK Tyre & Industries announced the completion of the first phase of capacity expansion of its manufacturing facility located in Banmore, Madhya Pradesh and has entered the second phase of expansion, with an additional investment of INR 617 crore.
A press release from the company noted that with an investment of about INR 1,000 crore, the company had planned a two-phased expansion at its existing Banmore facility to cater to the increasing demand for passenger car radial (PCR) tyres. The phase one expansion involved an investment of INR 312 crore. The expansion will increase the plant's annual production capacity by 31%, from 39 lakh to 51 lakh units per annum.
Dr Raghupati Singhania, Chairman & Managing Director, JK Tyre & Industries, noted that the expansion of the manufacturing facility reflects the company’s unwavering dedication to innovation, sustainability, and its substantial contribution to the growth story of Madhya Pradesh.
Spread over 211 acres, the Banmore facility in Bengaluru has created direct and indirect employment opportunities for nearly 15,000 individuals in the State. This expansion will generate more employment for over 7,000 people, increasing regional economic growth.
The manufacturing facility currently serves customers domestically and internationally, manufacturing products such as eco-friendly tyres, smart tyres, and puncture guard tyres.
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