Schedule a Call Back
Jk Tyre inaugurates Banmore Plant Capacity Expansion - 1st Phase
Industry News- Jul 04,23
The company announces the completion of its first phase of capacity expansion of its radial tyre manufacturing facility with an investment of Rs 312 crore and the expansion will result in a 31 per cent increase in the plant's annual output capacity, from 39 lakh to 51 lakh units.
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 their manufacturing facility located in Banmore, Madhya Pradesh. This was inaugurated by Shivraj Singh Chouhan, Chief Minister of Madhya Pradesh in presence of Narendra Singh Tomar, Union Minister of Agriculture and Farmers' Welfare, and Jyotiraditya Scindia, Union Minister of Civil Aviation and Steel.
With an investment of about Rs 1,000 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 and Industries Ltd, said, "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 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 further 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.
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 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. 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.
JK Tyre & Industries Ltd
Banmore
Madhya Pradesh
Shivraj Singh Chouhan
Narendra Singh Tomar
Agriculture and Farmers' Welfare
Chief Minister
Jyotiraditya Scindia
Civil Aviation and Steel
Dr Raghupati Singhania
Amrit Kaal
Be a Green & Trusted Mobility Partner
Cradle-to-grave
Related Stories
Auto & Auto Components
VE Commercial Vehicles to Manufacture Volvo's Automated Manual Transmissions in India
The investment in AMT production is a key milestone in the 18-year successful partnership between the Volvo Group and Eicher Motors.
Read moreOther Industrial Products
Swan Defence signs Rs 42.50 bn MoU with GMB to boost shipbuilding
Swan Defence and GMB will expand shipyard capacity, build a 200-acre cluster, and set up a maritime Centre of Excellence.
Read moreElectrical & Electronics
Gautam Solar to invest Rs 40 billion in 5 GW solar cell plant in Madhya Pradesh
The project will cover 54 acres in Gwalior (MP) producing advanced TOPCon solar cells with a total planned capacity of 5 GW.
Read moreRelated Products
Automotive Oil Pump
AUTO COMPONENTS & ACCESSORIES
Kalpak Auto Pvt Ltd offers a wide range of
automotive oil pump.
Tata Motors unveils facilities for development of Hydrogen propulsion tech
AUTO COMPONENTS & ACCESSORIES
Tata Motors, India?s largest automobile company, unveiled two state-of-the-art & new-age R&D facilities for meeting its mission of offering sustainable mobility solutions. The unveilings constitute of Read more
Tata Motors plans petrol powertrain for Harrier and Safari SUVs
AUTO COMPONENTS & ACCESSORIES
Tata Motors is in the process of developing a new petrol powertrain for its premium sports utility vehicles, the Harrier and Safari, as confirmed by a senior company official. Currently, these models Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
