JK Tyre finishes phase one expansion at Banmore facility

JK Tyre & Industries announced that the first phase of capacity expansion of its manufacturing facility located in Banmore, Madhya Pradesh had been completed. They had entered the second phase of expansion with an additional investment of Rs 6.17 billion. The company had planned a two-phased expansion at its existing Banmore facility to meet the growing demand for passenger car radial (PCR) tyres. The total investment for the expansion was around Rs 10 billion, with the phase one expansion requiring an investment of Rs 3.12 billion. As a result of the expansion, the plant's annual production capacity would increase by 31%, from 39 lakh to 51 lakh units per annum. Dr Raghupati Singhania, Chairman & Managing Director of JK Tyre & Industries, stated that the expansion of the manufacturing facility demonstrated the company's unwavering commitment to innovation, sustainability, and its significant contribution to the growth of Madhya Pradesh. The Banmore facility, spread over 211 acre, had provided direct and indirect employment opportunities for approximately 15,000 individuals in the State. The expansion was expected to create additional employment for more than 7,000 people, contributing to regional economic growth. At present, the manufacturing facility produced eco-friendly tyres, smart tyres, and puncture guard tyres to serve both domestic and international customers.