JK Tyre & Industries on Thursday said it has completed the first phase of capacity expansion of its passenger car radial tyre manufacturing facility in Banmore, Madhya Pradesh with an investment of Rs 312 crore.
The expansion will result in a 31 per cent increase in the plant's annual output capacity, from 39 lakh units to 51 lakh units.
The second phase of expansion is expected to be completed by April 2024 with an additional investment of Rs 617 crore, further enhancing the production capacity of the plant by 31 per cent.
"The expansion of this manufacturing facility reflects our unwavering dedication to innovation, sustainability, and our substantial contribution to the growth story of Madhya Pradesh," JK Tyre & Industries Chairman & Managing Director Raghupati Singhania said in a statement.
The company's production and manufacturing capabilities are constantly evolving along with product range in order to meet the demands of customers, both domestically and internationally, he added.
JK Tyre said the facility has created direct and indirect employment opportunities for nearly 15,000 individuals in the state.
The expansion of the plant will generate additional employment for over 7,000 people in the region, resulting in increased regional economic growth, it stated.
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