Indian tyre industry major and market leader in the radial tyre segment, JK Tyre & Industries Ltd., has announced the completion of the first phase of capacity expansion of its manufacturing facility in Banmore, Madhya Pradesh. This was inaugurated by Shivraj Singh Chouhan, Chief Minister of Madhya Pradesh in the presence of Narendra Singh Tomar, Union Minister for Agriculture and Farmers’ Welfare, and Jyotiraditya Scindia, Union Minister of Civil Aviation and Steel.
With an investment of about INR 1000 crore, the company has planned a two-phase 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 annual production capacity of the plant by 31%, from 39 lakh to 51 lakh units, the company said.
JK Tyre is now in the second phase of expansion, with an investment of INR 617 crore that will increase the capacity by an additional 31% by April 2024.
Raghupati Singhania, Chairman & Managing Director of JK Tyre & Industries Ltd., said on the occasion, “The expansion of this manufacturing facility reflects our unwavering dedication to innovation, sustainability, and our substantial contribution to the growth story of Madhya Pradesh. As India enters ‘Amrit Kaal,’ – the 25-year journey towards the country’s centenary as a modern, developed democracy, we at JK Tyre believe this development to be a strategic move. 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.”
“We extend our heartfelt appreciation to the Government of Madhya Pradesh and the local administration for their unwavering support. We remain steadfast in our mission to be a trusted mobility partner for the entire nation,” he added.
Over the years, the 211-acre facility has emerged as a significant landmark, spearheading industrialization 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 said in a media release.
JK Tyre plant at Banmore has contributed significantly in the field of health, adult literacy, livelihood enhancement, rural development, promotion of local sports which has benefitted the lives of communities in the vicinity.
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% by 2030.
The JK Tyre plant in Banmore has been an integral part of the company’s journey since it commenced from 1991 and has developed into an advanced manufacturing facility. This state-of-the-art facility serves customers both domestically and internationally, manufacturing top-notch high-tech products such as eco-friendly tyres, smart tyres, and puncture guard tyres. These innovative offerings not only promote safe driving practises but also contribute to environmental sustainability, the release added.