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JK Tyre receives €30 million loan from DEG for expansion
Industry News- Dec 21,24
In recent years, DEG has geared its strategy more and more towards shaping solutions for a sustainable and economically successful transformation together with its customers.
DEG – Deutsche Investitions- und Entwicklungsgesellschaft will provide JK Tyre & Industries Ltd (JKTIL), a member of the JK Organisation, with a long-term loan of €30 million.
The funds will be invested in the sustainable expansion of production capacities at the company’s site in the Indian state of Madhya Pradesh. Joachim Schumacher, Management Board Member, DEG, commented, “The JK Organisation is a longstanding customer of DEG’s. We are now looking forward to working together with its tyre company as well. Our portfolio companies share a clear commitment to transformation, to the UN’s environmental and climate goals, and to reducing carbon emissions substantially.
Dr Raghupati Singhania, Chairman & Managing Director of JK Tyre & Industries Ltd said, “We are pleased to be associated with KFW-DEG for providing funding of €30 million for our Passenger Car Radial (PCR) tyre expansion project being set up for an estimated cost of €114 million. The said investment will further strengthen JK Tyre’s market presence in the PCR segment and foster economic and social development in the country. JK Tyre is a green company and is committed to reducing carbon intensity by 50% by 2030. Sustainability is at the core of its activity, is it manufacturing excellence or development of next-generation technological advanced products.”
In the past years, the company has already initiated various transformative measures for adopting a resilient and more sustainable position. For example, JKTIL already meets 40% of its energy needs through green electricity that it produces itself and is ranked among the top 3 companies in terms of lowest in energy consumption globally.
The new loan will help to continue this transformation, for example by allowing the boiler for the expansion facility to be operated using biomass rather than coal. As well as JKTIL is currently developing tyres made of recycled material, which is expected to be market-ready in near future?
In recent years, DEG has geared its strategy more and more towards shaping solutions for a sustainable and economically successful transformation together with its customers. This also includes using natural resources as responsibly as possible. DEG has further expanded its range of expert advice and funding offers to include services such as resource efficiency checks.
The flagship company of JK Organisation, JK Tyre & Industries Ltd is amongst the top 20 manufacturers in the world. A pioneer of radial technology, the company produced the first radial tyre in 1977 and is the market leader in Truck Bus Radial segment. The company provides end-to-end solutions across segments of passenger vehicles, commercial vehicles, farming, Off-the-Road and two & three-wheelers.
The company has 11 globally benchmarked ‘sustainable’ manufacturing facilities - 9 in India and 2 in Mexico – that collectively produce around 35 million tyres annually. The company also has a strong network of over 6000 dealers and 850+ dedicated Brand shops called as Steel Wheels, Truck Wheels and Xpress Wheels. JK Tyre exports to about 100 countries with over 230 global distributors.
JK Tyre’s unwavering commitment towards innovation is reflected through its state-of-the art global research and technology centre – the Raghupati Singhania Centre of Excellence - in Mysore, which houses some of the world’s finest technologies and techniques.
JK Tyre launched India’s first ever ‘Smart Tyre’ technology-and introduced Tyre Pressure Monitoring Systems (TPMS) which monitors the tyre’s vital statistics, including pressure and temperature. In 2024, the company rolled out its 30 millionth Truck/Bus Radial tyre becoming the first and the only Indian company to achieve this milestone.
JK Tyre is featured among the list of Superbrands India in 2023 for the ninth year. Additionally, JK Tyre was featured among India’s Best Companies to Work For in 2024 by Great Place to Work. Another remarkable addition to the list of the brand's accolades is being a 5-time recipient of the Economic Times - Iconic Brand of the Year Award. JK Tyre has been conferred with most coveted Safety award in the world -the Sword of Honour for Safety across its plants by the British Safety Council, UK. The company entered the Limca Book of Records with the country’s largest off-the-road (OTR) Tyre - VEM 045.
JK Tyre secures ‘Best in Class’ grading for second consecutive year for ESG performance in FY24 from CareEdge. JK Tyre also received award to be among the India’s top 30 Most Sustainable companies, organized by Business world.
JK Tyre is also synonymous with motorsport in the country. For over three decades, the company has relentlessly worked towards shaping India’s positioning as the motorsport hub of Asia, developing the right infrastructure for the sport and promoting young talent in the arena.
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