NEW DELHI — JK Tyre & Industries Ltd. plans to invest nearly $168 million in capacity expansions over the next two years.
As part of the move, the New Delhi-based manufacturer is aiming to invest about $120 million in expanding production capacity for passenger car tires (PCR) by 16 percent, JK Tyre said in a June 7 statement to European Rubber Journal, confirming local press reports.
Another $48 million will be invested in ramping up the output of off-road and radial truck/bus (TBR) tire production, with marginal increases in capacity, the tire maker added.
JK Tyre currently has a total capacity to produce 34 million units of tires per year, which includes 15 million units of PCR and 4 million units of TBR tires.
The remaining capacity includes truck/bus bias, two- and three-wheeler, off-road and specialty tires.
To be completed in "the next 18-20 months," the project will be partially financed by an $60 million fundraising round, which was completed in January.