TVS Srichakra Ltd, a leading Indian manufacturer of 2&3-wheeler and off-highway tyres, on December 8 announced a capital expenditure of Rs 1,000 crore to ramp up manufacturing in its Madurai and Pantnagar plants. This investment is planned to be made over a three-year period.
The investment, when fully made, will result in an increase in 2 & 3- wheeler tyre capacity by 25-30 per cent and doubling of off-highway tyre capacity from current levels. The investment is planned to be funded by a mix of debt and internal accruals, said a press release.
The investment outlay will also significantly increase TVS Srichakra’s capacities and technological capabilities in the off-highway tyre segment with a clear focus on global markets.
Mr. S Ravichandran, Director, TVS Srichakra Limited, said, “We believe that this capital outlay will enable TVS Eurogrip to further its growth aspirations and help strengthen its partnerships with vehicle manufacturers and create new benchmarks in the replacement and global markets.”