KOCHI, India (Oct. 11, 2007) — Indian tire maker PTL Enterprises, formerly known as Premier Tyres Ltd., is relocating its sole factory in Kalamassery to a new industrial park in India's Kerala state devoted to attracting rubber-related businesses.
PTL is expected to break ground Oct. 12 on the new factory at a 23-acre site in Rubber Park I, a Kerala state-supported endeavor in the state's Irapuram/Ernakulam district.
By moving to the new park, PTL will be able to build a factory capable of producing up to 200 metric tons of tires a day, more than double the capacity of the existing factory, PTL said. The company expects to move to the new plant, located only about 15 miles away, in phases over the next 12 months. Because of the proximity, PTL anticipates being able to retain many of the current employees.
PTL said it couldn't expand the existing 45-year-old plant because it is surrounded by other land holders in the fast growing city of Kalamassery. The plant, which has been operating under contract to Apollo Tyres Ltd. for the past 12 years, makes bias-ply light and medium truck and agricultural tires.
PTL's move will take advantage of a Kerala government industrial and commercial policy announced in June to attract fresh investments and enhance existing investments in the state, to build world-class infrastructure and increase employment in Kerala.
The increased manufacturing activity at the new plant will generate additional tax revenues for the state and provide new jobs, PTL said.
In addition, PTL intends to explore the possibilities of developing the Kalamassery site to purposes better suited to the city's needs, a move that would create new jobs and generate additional tax revenue.