Indian tyre industry major JK Tyre has announced the completion of the first phase of capacity expansion of its manufacturing facility in Banmore, Madhya Pradesh. This was inaugurated by Shivraj Singh Chouhan, the Chief Minister of Madhya Pradesh in the presence of Narendra Singh Tomar, the Union Minister of Agriculture and Farmers’ Welfare, and others.
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 percent, 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 percent by April 2024.
Speaking on the occasion, Dr Raghupati Singhania, Chairman & Managing Director of JK Tyre said, “As India enters ‘Amrit Kaal,’ – the 25-year journey towards the country’s centenary as a modern, developed democracy, we at JK Tyre believe this development to be a strategic move.”
He added, “This is vital as the Indian economy engages with the global economy to foster regional prosperity. Our production and manufacturing capabilities are constantly evolving along with our product to meet the demands of our customers, both domestically and internationally.”
Over the years, the 211-acre facility has emerged as a significant landmark, 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.
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 to “Be a Green & Trusted Mobility Partner.” To decrease its environmental impact, the company gives sustainability a top priority in its R&D efforts. JK Tyre has set a goal to reduce carbon emissions by 50 percent by 2030.
The JK Tyre plant in Banmore has been an integral part of the company’s journey since it commenced in 1991 and has developed into an advanced manufacturing facility. This facility serves customers both domestically and internationally, manufacturing products such as eco-friendly tyres, smart tyres, and puncture guard tyres.
