JK Tyre Expands Banmore Plant Capacity; Invests Rs. 312 Cr
Indian tyre industry major, JK Tyre & Industries has completed the first phase of capacity expansion of its manufacturing facility located in Banmore, Madhya Pradesh.
With an investment of about Rs. 1000 crore, the company has 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 Rs. 312 crore. The expansion will increase the annual production capacity of the plant by 31 per cent, from 39 lakh to 51 lakh units per annum.
JK Tyre is now in the second phase of expansion, with an additional investment of Rs. 617 crore that will increase the capacity by an additional 31 per cent by April 2024.
Speaking on the occasion, Dr. Raghupati Singhania, Chairman & Managing Director of JK Tyre & Industries, said, "This is vital as Indian economy engages with the global economy to foster regional prosperity. Our production and manufacturing capabilities are constantly evolving along with our product in order to meet the demands of our customers, both domestically and internationally."
Over the years, the 211-acre facility has emerged as a significant landmark, spearheading industrialisation in the region and creating direct and indirect employment opportunities for nearly 15,000 individuals in the state. This expansion will generate additional employment for over 7,000 people in the region, resulting in increased regional economic growth.
The company is highly committed to its strong sustainability goals, making it a green manufacturer. It has adopted a "Cradle-to-grave" strategy to handle environmental challenges with the aim to "Be a Green & Trusted Mobility Partner." To decrease its environmental impact, the company gives sustainability top priority in its R&D efforts. JK Tyre has set a goal to reduce carbon emissions by 50 per cent by 2030.
The JK Tyre plant in Banmore has been an integral part of the company's incredible journey since it commenced in 1991 and has developed into an advanced manufacturing facility.
